Question by jspoke: I ‘m refinancing my mortgage since the 5 year term is up; should I include my line of credit in mortgage?
The combined total would be $ 100,000. It would be nice to get rid of the $ 400/month I put towards the LOC. I currently make $ 299.21 accelerated bi-weekly mortgage payments, and am willing to up to $ 350 or even $ 375 if I do consolidate. Thoughts?
Answer by Ernest Realestate 415-571-2765
-If you can pay off the line of credit , do so,
-but DON”T CLOSE the line of credit
-If you can inclease the accelerated bi-weekly mortgage payments to $ 375 and payoff the mortgage early , do so
-No need to refinance , if the rate is not lower by huge gap
San Francisco Real Estate, Below Marketing Listing,
Ernest Tse 415-571-2765
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It sounds like a 30 yr mortgage. If it is does the items you purchased with the line of credit last 30 yrs, like home remodeling?
IMHO, Your financing should be no more than the life of the item.