11-12-2012, 06:04 PM
I'm exploring my refi options as well. Not sure what other things you have looked at and it depends on how underwater you are, but the broker I am working with is offering the following via HARP: 15 year mortgage at 3.75% (my current 30 year is at 5.25% and I am 9 years in.)
I have a closed HELOC with Chase and am paying principal + interest at a rate of 8%. With that amount and the amount I owe on the primary mortgage, I am flat to slightly underwater.
I have a pretty good amount of CC debt, but I manage it well
I am self employed and have been for over 5 years
I have a very good credit score
It looks like my monthly payment will go up about $85/month if I do the refi, and I'll pay about $2,000 in closing costs. Even with "losing" the 9 years I've been in my place, I'll still be saving 6 years over the life of my current mortgage and a good amount of interest paid. The main downside for me is that I can't roll the HELOC into the new mortgage and save some $$ there.
Not sure if any of this helps you, but I'm looking forward to what others have to say!
DM
I have a closed HELOC with Chase and am paying principal + interest at a rate of 8%. With that amount and the amount I owe on the primary mortgage, I am flat to slightly underwater.
I have a pretty good amount of CC debt, but I manage it well
I am self employed and have been for over 5 years
I have a very good credit score
It looks like my monthly payment will go up about $85/month if I do the refi, and I'll pay about $2,000 in closing costs. Even with "losing" the 9 years I've been in my place, I'll still be saving 6 years over the life of my current mortgage and a good amount of interest paid. The main downside for me is that I can't roll the HELOC into the new mortgage and save some $$ there.
Not sure if any of this helps you, but I'm looking forward to what others have to say!
DM