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Mortgage scenario-Let the Great Minds of the MB converge
Posted on 8/1/10 at 7:48 pm
Posted on 8/1/10 at 7:48 pm
Home value 350k.
1'st mortgage 160k@6%.
22 years left.
2nd mortgage 90k
250k=2 mortgages.
Middle Credit score 798.
Should I wrap em together into one 30 year at 4.25 % or so.
Or just refi the first on a 15 and plug away on the 2nd by making $1000 payments for the roughly 90 months?
1'st mortgage 160k@6%.
22 years left.
2nd mortgage 90k
250k=2 mortgages.
Middle Credit score 798.
Should I wrap em together into one 30 year at 4.25 % or so.
Or just refi the first on a 15 and plug away on the 2nd by making $1000 payments for the roughly 90 months?
This post was edited on 8/1/10 at 7:53 pm
4
Posted on 8/1/10 at 8:33 pm to Lsupimp
Is your second on an adjustable rate?
Posted on 8/1/10 at 9:00 pm to tygerstripes
I'd imagine the second mortgage is at a higher rate than the first. If so and you plan on staying there at least 2-3 yrs, I'd refinance the whole thing.
Posted on 8/2/10 at 5:37 am to Lsupimp
With rates as they are I'd refi for as long as possible. Now is a good time to borrow.
Posted on 8/2/10 at 7:33 am to Lsupimp
quote:Yes.
Should I wrap em together into one 30 year at 4.25 % or so.
Posted on 8/2/10 at 9:51 am to LSURussian
I agree with fo and Russian, if you are refi'ing the 1st regardless wrap them both into one lower rate loan, then if you want to pay some or all of the extra $1k a month you have do that or some portion. Depends on if the house is something you want to be in the next 10-20 years, otherwise I would save the 1k extra for a better opportunity down the road.
Posted on 8/2/10 at 11:26 am to tirebiter
If you can afford "plugging away at 1000 dollars per month" then I would finance the whole at 15 years. The "brains" on this board will disagree with the 15 years, but from a reality viewpoint it would probably be the best way for 90% of the people that refinance and can afford it.
Posted on 8/2/10 at 12:12 pm to Lsupimp
The second is an adjustable and very low.
I'm afraid of a worst case scenario and that rate skyrocketing.
Psychologically, I HATE turning that 2nd into long term debt, thinking I can knock it out in 5/6 years...but...
I think I should wrap both into one 30 year and just figure out the amortization with an eye on paying it off in 15 or so...
With a 796 score what kind of rate should I expect ..4.25 ?
I'm afraid of a worst case scenario and that rate skyrocketing.
Psychologically, I HATE turning that 2nd into long term debt, thinking I can knock it out in 5/6 years...but...
I think I should wrap both into one 30 year and just figure out the amortization with an eye on paying it off in 15 or so...
With a 796 score what kind of rate should I expect ..4.25 ?
Posted on 8/2/10 at 12:55 pm to Lsupimp
quote:
With a 796 score what kind of rate should I expect ..4.25 ?
Co-worker just locked a 3.99% 30-yr refi.
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