Jun
18
ssfblackmagic
Scenario: 1st. mortgage owed is $42,000.00 at 5.125% and 11 years left to pay off. Also a HELOC owed is $22,500.00 at current rate of 4% for 16 years to pay off.
Max cap is 12.9% on the HELOC.
I want to refinance to a new 10 year mortgage combining both at 5% for $68,500.00. Zero points. (Closing costs of $3000.00 rolled into new mortgage).
Am I making a smart move?
Scenario: 1st. mortgage owed is $42,000.00 at 5.125% and 11 years left to pay off. Also a HELOC owed is $22,500.00 at current rate of 4% for 16 years to pay off.
Max cap is 12.9% on the HELOC.
I want to refinance to a new 10 year mortgage combining both at 5% for $68,500.00. Zero points. (Closing costs of $3000.00 rolled into new mortgage).
Am I making a smart move?
Comments
Leave a Reply
You must be logged in to post a comment.