|
|
| *Loan,banking and credit>>>credit line |
I have a fixed rate mortgage and a variable rate line of credit .Should I consolidate them to a fixed rate.? |
I have equity in the house. I now have a 15 year amortization and I was thinking of going 20 to keep my payments down. What do you think? So, I assume your line of creidt is Secured by your house. I see you wanted to lower your payment by stretching back to 20 years. Is that some kind of situtation happened? There are lots of things you can do. What I will suggest to do is the followings: 1) Keep a secure line of credit at ( combined income / 2 ) @ 6% 2) Rest in a fixed rate mortgage. The reason of doing that is. I have developed a system that you can save thousands of interest by setting up like above. Please call me for details. But in general, having such a setup with allow managable line of credit. Maximized the low rate mortgage rate of a fixed term. Source(s): I am a registered Mortgage Consultant in Ontario, Canada. Phone number: 613-8644421 Email: dkwan@goldengatemortgages.ca you should defiantly can the variable rate. It will only go up. But you need to look at the bigger picture, including you current rate on your fixed rate mortgage, and what you could get on a fixed rate now. If you would end up paying a higher rate, you may want to just refinance the variable rate as a second mortgage. yeah, borrow money on a long term debt...that's the ticket. next you'll tell us that you buy your food and beer on credit so you can amoritize the waste. why don't you work for free while your at it. and sell your unborn children to the mob. Definitely get rid of the adjustable rate haven't you read the papers about the interest rate going up. What we have went through in the last several years we will probably never see again. I'M A REALTOR AND YOU SHOULD SHOP AROUND NOW THAT YOU ARE THINKING TO DO SOMETHING AND BEFORE IS TOO LATE. GET AT LEAST 4 DIFFERENT GOOD FAITH ESTIMATES AND GO FOR A FIX AND CONSOLIDATE BECAUSE HAVING TO PAY MORTGAGE AND CREDIT LINE IS 2 DIFFERENT THINGS, MAKE SURE YOU GO WITH THE BEST OF THE OFFER DEALS YOU GET. YOU SEE MOST OF THE PEOPLE FALL FOR PRETTY WORDS AND NOT THE TRUE. PLAY SAFE AND DO YOUR HOMEWORK AND WENT YOU READY GO FOR IT. GOOD LUCK ON YOUR SEARCH.... YOU CAN E-MAIL ME BACK..... Two BIG questions, how many years have you had the first loan and can you/do you want to make the 15yr higher payments. If you noticed, every month you pay more in principal, if you refi, you start that game all over again. Loan will cost you money to refi, by the sounds of it above 2% on of your first loan size. So i doubt just combining the first and second will be justifiable. Now if the are more factors to consider... Is the payment too high? A late payment would be bad for your your credit. Do you have other debt? Would you like money to be else where then your home? Odds are, just walk into you local bank and ak them for a home equity loan (that is a fixed rate), and you will do A LOT better. Rates are about 8% for AA paper clients for seconds cjkloanguy@yahoo.com |
| Tags |
| credit application credit bureau credit check credit counseling credit debt credit line credit repair credit report credit score credit card online bad credit loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |