im wanting to combine my mortage and my equity together .Would it be worth it?
2007-12-03 14:26:26 · 4 answers · asked by mebeing_myself 2 in Business & Finance ➔ Personal Finance
You would need to compute the difference in interest rates and the cost of refinancing. It usually cost around $3,000 so you need to save a lot of interest. If you aren't going to get a much better rate or don't plan to be in your house long it isn't worth it.
2007-12-03 14:36:07 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
Make sure you know your score, don't let multiple banks/loan officers pull your credit. Most can give you a good picture of your qualifications with basic info, employment, debt, fico score, approx value of ur home, current mortgage info, any info you give that is incorrect will affect any initial quotes, so try to be as accurate as possible. Once you have decided on a bank/loan officer then you should provide all requested documentation. Like mentioned before make sure the cost to refi is worth the savings. Feel free to contact me also, I am a licensed loan officer.
2007-12-03 19:35:53 · answer #2 · answered by tgllvor 1 · 0⤊ 0⤋
Yes it would be worth it depending on how much you owe on each. The mortgage rates are very low right now. I am loan broker and could definitely help you with this. Send me an email lr12399@yahoo.com.
2007-12-03 14:35:34 · answer #3 · answered by Lory R 1 · 0⤊ 2⤋
you just get a loan to cover any outstanding balance on a loan!!!
2007-12-07 06:02:46 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋