Reply
New Visitor
Posts: 1
Registered: ‎12-18-2012
0

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
Posts: 3,302
Registered: ‎06-09-2010
0

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!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.