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| *Loan,banking and credit>>>mortgage loan |
I have two mortgage payments 80/20 my credit score is now better and i want to get rid of the smaller loan wil |
suze orman suggests to try and pay off the small loan first but i dont want to dig into my 401k for that. Please advise. Refinance into 1 mortgage instead of having two. how do i do this? Hi , I am A loan officer and if you need help i surely can and will. How long ago did you first finance your property? how much did you purchase your property for? what is the value of your property today? how much are both your loans combined? what state do you live in? If you do not feel comfortabe answering any of these questions, don't. Then I sugest you go to a mortgage broker and he or she will give you your best options. In order to get best choices we must gather private information. Mortgage lenders usually will do an 80/20 on a purchase to avoid PMI. Your credit score really does not have anything to do with it, except if you are a subprime borrower (credit under 620, BK's, etc). In that case lenders dont charge PMI at all. PMI is private mortgage insurance. If you are a prime borrower (above 620, etc) anytime you go above 80% loan to value, you have PMI. You should refinance them into one loan only if you are under the 80% loan to value. Most of the time it works out less expensive monthly by having two seperate mortgages with no PMI compared to one with PMI. You can pay your smaller loan off first, but making extra payments on it every month. You don't have to pay it off all at once. I think you should do the math to figure out which loan to pay off first. It would depend on the interest rate and whether you are paying pmi. Be sure that the reasons she recommends the smaller loan makes sense and applies to your situation. |
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