Home Equity Loan
Can I refinance an interest only equity line and a first mortgage?
I have a 1st mortgage of about $100,000 on a condo valued at approx. $380,000. I have a home equity line of credit ( $20,000) that is interest only with no pre pay penalties. Can I refinance for a 15 or 20 year fixed?
Public Comments
- Yeah you can as long as it's seasoned. Email me if you need more info.
- Yes, but i'd go 30 years with a fixed rate and open end which means you can pay down the morthage anytime. Also request an amortization so you'll have a break down between the principle/ interest.
- That would be the start financial move. 15 year fixed rates are as low as 4.875% currently. Get rid of that high HELOC rate and lower your mortgage rate in one move.
- Unsure how to answer since we don't know what the interest rate is on either of the loans.
