“Refinancing is a No-Brainer”

“Refinancing is a No-Brainer”

 

 


You assisted my wife and I when we purchased our home. Currently we have a rate of 4.25% and we are 6 years into the loan. The value is around $350,000 and the current mortgage balance is $200,000.
Here is our issue, we have a little over $60,000 in credit card debt. We have made very little headway over the last few years paying down these obligations.
My question is this, should we go after a home equity line to pay off these debt or refinance? Let me know your thoughts.
Paul


Their current monthly obligations, including the mortgage payment is $4,312. The numbers will blow your mind. I am doing a new mortgage in the amount of $265,000 at 3.25% for 25 years. The new mortgage payment, including taxes and insurance is $1791, a savings of $2600 per month. They are considering reducing the number of years to 15 or 20 years. No matter what, that is a ton of monthly savings.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 2 commentsJoe Petrowsky • November 13 2020 02:35PM

Comments

They might need to retire the use of some of those cards , to not repeat the Equity drain  !!!

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) 15 days ago

Good morning Joe. Sometimes the numbers will shock you in a good way. Enjoy your day! 

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 15 days ago

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