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

Claudio F asked:


I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?
I have $67,934 mortgage+ $22,000 home equity loan=$89,934.
I want to pay it off in 15-22 years.
My credit score is 707.
The house is worth only $75k now.
We want to stay in the house for at least 5 more years.
Where do I find a good deal?

Alvin

erieanna c asked:


My mother signed a home equity loan with my grandfather who has just passed, and I am trying to help her pay the bills but the payment on the house is too high. If she refinances could her payment go down? Are there any other options, or any kind of loans or help from anywhere? I am totally clueless this was very unexpected.

Tom

michael o asked:


I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.

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