Mortgage Loans

[bigmoney]

I took out a $25,000 home equity loan three years ago at a 12.5% interest rate.  My payment each month comes out to $308.13.  I still owe a good amount on the loan.  With my first mortgage and the home equity loan combined, I'm paying a pretty good chunck of money on my house.  Would it be better for me to get another home equity loan at a better interest rate and pay off the first home equity loan.  I saw where I could get a better interest rate from the bank in which I got my first mortgage from.

This may be a dumb question, but I trying to learn more about finances.

Thanks

[lotusraee]

Honestly if the rate on your 1st in not in the low 6's then I would refinance and combine the mortgage together and just have 1 payment. That would be best and save you the most money. What state are you in? Call me at [phone number removed] and I am sure I can help.

(Please do not release personal information, such as phone numbers or e-mail addresses on the forums. -- Raine)

Message Edited by Raine on 07-25-2007 02:32 PM

[MidnightVoice]

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lotusraee wrote:

Honestly if the rate on your 1st in not in the low 6's then I would refinance and combine the mortgage together and just have 1 payment. That would be best and save you the most money. What state are you in? Call me at [removed] and I am sure I can help.

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I hope you are going to start a thread telling us how much income you are making from trolling for business in this forum

Message Edited by MidnightVoice on 07-25-2007 04:27 PM

Message Edited by Raine on 07-25-2007 02:33 PM

[lotusraee]

I came across this forum in search of a good message board to contact exsisting Mortgage Brokers. Upon further investigation I noticed so many posts needing information about mortgages or purchasing with little to no feedback or feedback from someone not truly knowing how the Industry works. I just like to offer my 2 cents. If I get a client great if not people will still get my 2 cents. I have been in the business for almost 12 yrs and have alot of knowledge to offer (so I think) It's never any fun not knowing if your doing the right thing when it comes to such a big financial decision. Like I have said in other posts my advice is free.

[MidnightVoice]

TNSTAFL

[OneMortgageGuy]

For anyone to tell you that if you're not below a 6 just refi is on crack!

Heloc's cost next to nothing and you can even find no cost heloc's. I just did one for 100K and it cost my borrower 500 bucks.

Keep in mind that a heloc is like a credit card but on a 25 year I/O term and if you pay the min... Well the balance is going to stay the same.

A. Make a bigger payment and get that loan paid off.

or

B. If you have good credit... Look at getting a no cost heloc to lower the payment but keep making the same payment to pay it off.

or

C. Only if you have a crap loan on the first look at make two loans into one. Remember even if your getting a lower rate you can still end up paying more on the loan.

or

D. Take the advice of who ever said... If you are not below a 6 just refi and remember thats not my advice!

I'm thinking if you got a 12.5 interest rate that your ficos are in the high 500's of low 600's  so option D is going to suck.

Good Luck

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bigmoney wrote:

I took out a $25,000 home equity loan three years ago at a 12.5% interest rate.  My payment each month comes out to $308.13.  I still owe a good amount on the loan.  With my first mortgage and the home equity loan combined, I'm paying a pretty good chunck of money on my house.  Would it be better for me to get another home equity loan at a better interest rate and pay off the first home equity loan.  I saw where I could get a better interest rate from the bank in which I got my first mortgage from.

This may be a dumb question, but I trying to learn more about finances.

Thanks

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[OneMortgageGuy]

Anyone that starts with Honestly is good in my book! I need to refi! Can I call you or maybe just start sending you my mortgage payments?

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lotusraee wrote:

Honestly if the rate on your 1st in not in the low 6's then I would refinance and combine the mortgage together and just have 1 payment. That would be best and save you the most money. What state are you in? Call me at [phone number removed] and I am sure I can help.

(Please do not release personal information, such as phone numbers or e-mail addresses on the forums. -- Raine)

Message Edited by Raine on 07-25-2007 02:32 PM

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