anthony asked:
my first loan is 300k i have 27 years left at 5.75 fixed.
my first loan is 300k i have 27 years left at 5.75 fixed.
my second mortage is 53k its a 15/30 balloon at 8.6% fixed. my min. payment is 459 and in 15 years i will owe 35k.
my house will appraise for about 390-415k maybe more.
i can get a line of credit at 4.25 varible 53k and the loan only cost 350$ im afraid of the varible rate but if i continue to pay 459 i will pay the loan down quicker.
i also have access to 35k at 4.25% from my annuinity 15 year loan(intrest goes back to my self)
i have 20k in my savings account.
whats my best options? i dont want to refinance both loan and pay 10k for closing costs and be at 30 years again.
Christine
Emma
It would be easy to answer if we could only know the future. If home prices go up or down….. decides the right course.
I think you should leave it alone. You don’t have a bad loan. Don’t worry about accelerating payments, either. Just float along and see what the future brings. That variable rate line of credit will rise much quicker than you expect.