“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.
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.
Subscribe to my blog via Email:
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
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.