I spoke with my bank and they offered me a great refinance.I'm getting more than I want, besides the first and second I'm going to get enough to pay off the credit cards, and the payments will be less than the one payment for my current mortgage.
However - it has to be a 'jumbo' and I'll be on a direct government loan (so they back it but my bank still administers it)and its not fixed. I never thought I would consider a not fixed loan - but this one is 3.125% for at least 5 years. In 5 years it will get adjusted, but not go up more than 2%. IT will keep getting adjusted every 5 years, but NEVER go more than 5% over initial (8.125%). And it will take at least 20 years to get that high, and that's only if interest rates rise.
I should have at least an extra mortgage payment a month if I consolidate and have no other debts (and we both keep our jobs). I ran the numbers and that would allow me to pay off the mortgage in about 10 years. I'll be 10 years from retirement.
Since k and I aren't married we have to both be on the line to initiate the loan, so we're going to do it at 7am tomorrow before he goes to work. We're talking a May closing and first payment July. Its a full doc loan.
Sure will be a lot simpler to consolidate all of this.
Refinance
March 13th, 2012 at 03:46 am
March 13th, 2012 at 12:01 pm 1331640084
March 14th, 2012 at 01:00 am 1331686820
The only slight hitch is what the house gets assessed at, its a bit of a wild card now a days. It needs to come in a little bit better than the estimate on zillow to make the numbers work, its 83% and I need 80%. We'll see.
March 18th, 2012 at 09:12 pm 1332105144
Jerry