Is refinancing at this time right for me?

Bottom line is lower rate equals lower interest paid... if you refinance for 10 years at the lower rate, but continue to make the same payment amount your paying now, you will payoff your loan sooner... each payment saved is 100% interest you would have paid if you didn't refinance. You will need to factor in your closing costs to determine if it's worth while. Have your loan officer explain your "net tangible benefit". This should make it more clear. WilliamAcres.com

The best thing you could do is see what yoru total payments are over the course of 10 years and then compare that total to how much you will pay over the course of the 7 remaining years on your current mortgage. Chances are your are paying Interest Only on the Heloc so you would have to adjust the payment accordingly to account for it.

There are many factors to take into consideration when answering your question. Some of these factors would be, what is the total amount owed on your home equity and your first mortgage? What is the current term on your first mortgage? What your current payment is on your first mortgage? When will your home equity convert into a fixed loan? I would need all these factors to answer your question correctly, but you are most likely paying mostly principle on your current loan and unless we are talking about a large loan amount it is most likely not worth it for you to refinance. Michelle Dema 201-962-3555

Doing a 15 or 10 year loan at a lower rate would save you money over the life of the loan and you could most likely pay the same amount and pay the home off quicker. I am in Salt Lake and would be more than happy to talk to you about it. Jason Hall - 801-930-0301