mobgirl asked:


Here is my situation: We would like to put around $20,000 into our house. Should I refinance at a much lower interest rate for an extra 20 grand? Or should I keep our current mortgage as is and take out a home equity loan for $20,000. Currently we owe 70,000 on our home, have no other significant debt and our current interest rate is 7.150% with 25 years left to pay it. We have the option to refinance at 90,000 at an interest rate of 5.89% for a term of 20 years. Which makes the best sense?

Ramon

Ava asked:


I pay extra principle each month on it and would like to refinance enough to pay off my vehicle and to do some remodeling on my home, painting, etc. I would appreciate all insight. Thanks!!

Annie