Question by nluv4ever31: refinancing your mortgage?
is this a bad thing to do? how long should you wait before refinancing? and how does it lower your payment?
Answer by Goldenbearloan.com
No not at all? I am not sure of your scenario but lets look at a couple of angles.
Orignally you financed 100% of the home. If the equity gained from the time your purchased to today is over the amount of the 2nd than you can refianance rate/term to cut out the 2nd and just go to one payment.
If you have cash left over and under 80% of your loan to value you can cash out and use the money on paying off debt or additions to your home. Maybe a spa, trip to europe/carribean.
Do you have a prepayment penalty? If you dont know than please call your lender to find out.
100% to 80% one loan yes will lower your payment also you can use some of equity to buy down your rate if you wish.
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