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I own (no mortg) condo in FL & own condo in PA w/ a mortgage at 6.5%.Should I refi PA? Home equi FL?

I do not know whether to refinance PA condo with 6.5% mortgage rate, or borrow with a home equity against FL condo which has no mortgage or a combination of both to get rid of PMI on current mortgage and also pay off credit cards.
  • November 03 2009 - US
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Answers (2)

Good Afternoon thetruthseeker,

The best home to refinance would be the one that's your primary home if possible.  Refinancing a primary home is easier, and, the interest rates are much better as well.

If neither of these condos are your primary home we'd have to look at how much cash out you'd like and then compare loan scenarios per property. Depending on the cash out you need and the condo values it would be best to compare the two to see which one accomplishes your goals and saves you the most money.

Please let me know if I can assist with anything at all.  Enjoy your day !
  • November 03 2009
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Are either one of the condo's your primary home? Or 2nd home?

  • November 03 2009
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