second mortgage refi or consolidate 1st and 2nd (UPDATE NR 2)?

2 Responses to “second mortgage refi or consolidate 1st and 2nd (UPDATE NR 2)?”

1. Patrick H says:

   November 17, 2010 at 1:22 am

   Looks good. Your current blended rate is about 7%.

   An important consideration is PMI. If you go over 80% loan to value you will have PMI. 250-300K? Nice. Question though… what market has that kind of appreciation in 5 months? Did you do a renovation or addition? If the house comes in at 300k you are looking pretty good. I would check a quick value on zillow at least.

   You are currently paying $1658

   For @ $240k at 6.25%,with no PMI, PI is about $1477. With PMI (up to 85% ltv) @ $1550

   From a cash flow persepective, that is either about $181 or @ $108.

   Good deal. IF you can get @ $300 value…even if apprasies for less, prob STILL a good deal up to 89.9% cash out.

   Check in any time.
2. benebuck8 says:

   November 17, 2010 at 2:22 am

   Current payments: $1969
   New pmts at 6.5%: $1888 for $240,000 loan amount. That’s assuming only $3,000 closing costs, and your payoffs will probably be higher than $237,000.

   Not really worth it, in my opinion. It’s less than a hundred bucks.

   If you can save on the 2nd, that might be the way to go…but you’re at a good 1st rate so I wouldn’t touch that if it were me.

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