tony45power
New member
I saved up 50k to payoff my line of credit but not sure if i should just keep the money in the bank and refinance. I was offered a 20 year fixed at 3.875% closing cost will be about 1k. the payment will be little more but im fine with that, i pay an additional 200 into the principle on my mortgage now. This is my current mortgage now
Account Overview as of 01/08/2012
Loan type and term:
30 Years Conventional fixed
Original principal balance:
$308,000.00
Contractual remaining term:
25 years, 1 month
Interest rate:5.75%
Current principal balance:
$281,468.03
then I have a line of credit that i owe 52k. the rate is 4.25% I have to 185$ of interest every month minimum. The reason i have this line of credit,was to payoff a 2nd mortgage i had at 8.8%. should i just payoff the line of credit and keep paying the additional 200 into my principle on the 1st mortgage?? or should i save the 50k in the bank and refinance? or I could payoff the line of credit and still refinance??
If you think you can get me a better deal, then please email me!!!(TONY45POWER) this is loan will be longisland NY.
thanks
Account Overview as of 01/08/2012
Loan type and term:
30 Years Conventional fixed
Original principal balance:
$308,000.00
Contractual remaining term:
25 years, 1 month
Interest rate:5.75%
Current principal balance:
$281,468.03
then I have a line of credit that i owe 52k. the rate is 4.25% I have to 185$ of interest every month minimum. The reason i have this line of credit,was to payoff a 2nd mortgage i had at 8.8%. should i just payoff the line of credit and keep paying the additional 200 into my principle on the 1st mortgage?? or should i save the 50k in the bank and refinance? or I could payoff the line of credit and still refinance??
If you think you can get me a better deal, then please email me!!!(TONY45POWER) this is loan will be longisland NY.
thanks