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is refinance a good option for us?

140,000 first mortgage loan. 128,000 balance left at 5.75% rate. we also have a 48,000 interest only equity line. Home recently appraised for 278,000 ;Would like to consolidate the loans. Is it wise to refinance? Thanks by sweety1719 from Worcester, Massachusetts. Aug 28th 2009 Reply

Sean Wheelan (Sean Wheelan)
#1 ranked lender in Rhode Island - 8 contributions

Sweety1719, If you can lock in at a rate at 5.375% or better, this makes sense. You'll be accomplishing a few things; lower payment, converting your equity loan to a fixed rate (I assume is based on the prime rate +) as the prime rate can only go up in the coming months, a single payment by combining the loans. Cash flow, reduced exposure (to a rising prime rate) and convenience are the reasons you would do this. The fact that your combined liens are under 80% of the value of your home also make you more likely to get the most favoable rate without having to pay mortgage insurance. I'd be happy to give you a detailed customized quote. Please call or email me.-Sean401-965-9384 email

Aug 29th 2009
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