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What would be the best way to save money when refinancing?

I am looking to refinance my home, currently it is valued at $285,000 and we owe $52,000 on the mortgage with an equity loan $20,000 with it as well. My wife and I's credit scores are 724 and 698 respectively. What options do we currently have? We've kept up with all housing payments and I've been steadily employed for 20 years now. by wilthe_845_105 from Seattle, Washington. Oct 11th 2011 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Rates are very low right now, so there is no doubt you would save money by refinancing. Depending on your rations and what your specific needs are, it might even be beneficial for you to do a 15 year mortgage. Contact a local mortgage broker, not a BANK!!.. The broker has access to a vast network of lenders who can find the right loan product for your particular scenario. He can also type up "Total cost Analysis" and show you how much you can save by refinancing... WilliamAcres.com

Oct 11th 2011
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Josh Kostelyk (josh@lendinginseattle.com)
#44 ranked lender in Washington - 9 contributions

Your best bet would be to roll them into a new, low fixed rate loan. Either a 30 year fixed or a 15 year fixed. Depending on what your goals are. That's of course assuming you're paying a high interest rate on the $52,000. Give me a call or shoot me an email and I can help you further. My email is Josh@LendinginSeattle.com or phone is 206-282-2959.Thanks,Josh Kostelykwww.lendinginseattle.com

Oct 11th 2011
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Michael Mullin (TheLoanConsultant)
#47 ranked lender in Washington - 12 contributions

When you ask what options do you have, what specifically do you mean? The short answer is "apply for a refinance loan," but I'm not sure that's what you are looking for. :)Depending upon your current rates it might not even make sense to refinance. It just takes about 10 minutes on the telephone with a mortgage professional to run through your scenario.If you'd like help either post additional questions to this forum, or give us a call at 509-252-9151. Have a great day.!

Oct 11th 2011
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Al and Cindy Lane (Al Lane)
#1 ranked lender in Washington - 38 contributions

There are many options open to you and now is the time as the rates are very low. You would definitely want to combine both loans as your biggest risk right now is the equity line. Meaning that rates on those are extremely low right now however, as the market and economy recover those rates will increase dramatically. Rates will probably remain low for another year however with the market as volatile as it is now is a good time to at least look. I am located here in WA and you can call me at 360-901-1023 and discuss your options.

Oct 11th 2011
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Part of the answer is going to depend on what you want to do and what your current interest rates are. There will be different answers if you are going to just consolidate the two loans into one without taking out any funds, or if you want to take out funds as well - because some of the costs will be dependent on the amount of the total loan you want.If you have other outstanding debts (car payments, etc.) this might also come into the picture on how best to structure the loan to save you the most money.Please feel free to give me a call at 253-531-9700, or you can send me more details via email at: scook@ccmclending.comSincerely,Steven Cook MLO #293441

Oct 12th 2011
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Michael Ross (michael@cedarrivermortgage.com)
#39 ranked lender in Washington - 3 contributions

Just following up to make sure you got your answered to your satisfaction. When you have as much equity as you have stated, you will have nothing to worry about. After reviewing all of the answers, I thought I should mention that a 10 year term would be a great option for you and will allow you to wrap both loans into one loan with a rate close to 3%. Also with HARP and other options available, this should be a nice streamlined process for you."Harp loan program" is a fantastic opportunity for property owners with mortgages owned by either Fannie Mae or Freddie Mac.RegardsMike

Oct 18th 2011
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