Question by Betty A: I want to know about refinancing my mortgage.?
I have a government fixed mortgage. at 6.875%. I also have a line of credit balance $ 34,000. Balance at 8.00%. Mortgage balance is $ 122,806.11. My condo has been appraised for $ 300.000. I need some some suggestion on refinancing.
Answer by welch1198
I just did the same thing! I’d say go for it. Not sure where you are located but the interest rate with good credit in NY is lower then what you are paying now. Good luck.
What do you think? Answer below!
Call Centric Mortgage at 866-395-6036.
James Soaring Eagle will be able to give you a better scenario than anyone in the country.
Please tell him that Sunshine sent you.
If you have a government fixed mortgage at 6.875% and it’s not an emergency I would stick with it. Mortgage rates are starting to rise and will continue for some time. Keep cool if you can and wait it out.
sell the condo! payoff morgage — find cheaper place and you may be able to pay for it or make a huge dent — we did that when the housing market started heating up — we were able to buy brand new (just built)home !
You are in good standing with LTV (loan to value ratio). You can combine both mortgages to a new loan balance of app. +/-$ 163,000 (including fees). And you might get a good rate for 30 y. fixed mortgage.
We can help you refi
Dont just consider rate, cash out ,and payments. The real question is why! You have a great rate! You have great equity! NEVER TAP INTO YOUR EQUITY UNLESS ITS AN EMERGENCY! Ask youself is what you want to do worth another 30 year mortgage. The desire to have is always greater than actually recieving that wich you desire. If it were me I would look at my personal profit and loss statement first.