Reply
New Visitor
Sharilipp
Posts: 1
Registered: ‎12-18-2012

Mortgage loan rate

I currently have a mortgage loan rate of 6.625% and a balance of 330,000.     My home is appraising for about that amount.   Should I borrow $60,000 from my 401K to get a lower interest rate now?

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Mortgage loan rate

Do the math on savings versus what it cost you to refinance.

How much was the original price you paid for the home? Are you upside down or break even?

What approximate rate would you qualify for on new loan?

What will the closing cost be?

How long do you plan to stay in the home?

How much will it cost you to borrow 60k from your 401?

What type of loan do you have currently ( conventional, FHA, VA, etc etc ) ?





Good Luck
May all your dreams and wishes become a reality!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+