Does Refinancing Make Sense

From a cash management position, you should consider a 30 Year Fixed Loan and a 15 Year Fixed combining your 1st Mortgage, Home Equity, and the Cash you need for your roofing project. There may be more need for cash, which we could analyze in more detail if you decide to reach out to me. A Mortgage is a Simple Interest Loan, therefore you have the ability to make additional Principal Only Payments at any time to pay down your balance. Your total interest assessed will be based on the outstanding balance you carry. A few loan scenarios with detailed amortization schedules can shed some light on what may work best for you. You could also potentially keep your Line of Credit Open if they agree to re-subordinate that lien, therefore keeping that in tact to use at a later date, just in case! I'm here to help as a Direct Nationwide Lender!

You have multiple choices, probably all good. You need to see each option side-by-side as opposed to your current loan(s) and payment options. I would be pleased to send you a comparison of the options so you can evaluate which path is best for you. And no, I do not need to run your credit report. If you have a good handle on the current balances, rates, etc. I can put one together for you. Feel free to contact me if you would like to see this. I prepare this all the time, so it is no problem and it's not a gimmick. We are also a MD licensed lender. barb.lanis@1amllc.com

If the rate on the 5/1 Arm is lower than the rates you currently have.....and you can pay if off before the rate begins to adjust......and the closing costs are reasonable.....then it sounds like you've already figured out the best way to proceed. Nice work!!

As you can see by the replies, there are varying options available to you.. The only person who can say for sure what will be best for you.. Is YOU!... The best advice I can give you is to contact a LOCAL mortgage broker, sit down with them, and have them run several scenarios by you.. having multiple options might be confusing at first, but because of your equity position, and your needs, it's necessary... Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You have multiple options. I suggest you sit down with a local non-bank Loan Officer to go over all your options. Together you can determine the pros and cons of each option and settle on the one best for both your loan term and short term payment and equity objectives. For properties in Minnesota or Wisconsin, contact me at www.MortgagesUnlimited.biz

Well you certainly understand your options. If you want to obtain no obligation quotes for each of the options you referenced, you can click on the image at left for my contact info. I would be happy to review everything with you.

There are many options for you. The key is finding out which works best for you and your future plans and goals.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

My recommendation would be refinance into a new 10 or 15 year loan, pay off the equity line and get the cash you need for the roof project. The interest rate will be lower than any of your current mortgages and you would have protection against rates rising before you get the equity line paid off. You can always pay extra to get the loan paid off in the same time as your current schedule. ARM rates aren't that much different/better than the fixed rates and you have a fixed rate with the option to pay less if you need/want to during the next 5 years or until you have it paid off. If you do not have a relationship with a local mortgage person pick someone here to work with, or compare a couple against each other. Good luck!