Posted: 3/16/2009 4:42:52 AM EDT
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I a 4 years in on a jumbo mortgatge at 5.875% x 30 years. Today, the refinace rate is 4.875% from my current mortgage company.
The 4.875 rate is for a traditional mortage, my balance still has me at 20K above the cutoff (417K). My question is it logical or feasible to take out a HOMEC loan to pay down my balance? I could pay it down to that level using savings, but would rather not. |
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the way i see it , if your not making at least 4.9 or so on your savings you are loosing money . if you can drop a point interest why not use your savings to do it ?? My refi costs were about $1100 . Your payment would be alot lower and you could make up your savings .
Lok into a 15 year fixed . If you can swing it you end up saving a TON of money . good luck . |