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Should I refinance?

1st Mtg:  6.625% 23 yrs remain - $157,000.00
Home Equity:  8.44% 1 yr remains - $ 5,067.04
Home Equity:  6.15% 4 yrs remain - $ 9,320.87
Credit Cards - $22,000.00
Home Value between $ 240,000.00 to $ 250,000.00
Rates Offered:  15 yr at 3.75% / 30 yr at 4.25%
Average Monthly Income:  $ 5,700.00
Would it pay to refinance at this time?
  • September 16 2010 - Milwaukee
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Answers (3)

Be careful about rolling credit debt into you home. This is what got everyone in trouble to begin with. Always remember your home is not the bank. Only roll things into your home that you used to improve the home. Made it worth more. If not you are robbing your equity. Better off paying them off then to sell you future.
Good luck
Debby
Homestead Realty
  • September 16 2010
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It does seem to make sense.  If the home comes in on the 240,000 end, you ay not get quite enough to roll everything in.  I would stay away from an FHA if that is the case.  The up front cost and monthly PMI would not make it cost effective.

Have a great day!
  • September 16 2010
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Most definitely!
Do the refi -- !!
Wish you the best,
Sincerely,
Celia
  • September 16 2010
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