Quote:
Originally Posted by Dueller
We've thought about refinancing, but the "problem" we have is we only owe about $60K (6 years remaining on a 15yr original note that will be paid off 7 years early if we only pay the actual payment) since we have been agressively paying towards principle. Current rates are about 1.5% lower than our existing mortgage but nobody wants to process a $60K loan despite good credit and large equity...and we don't want to borrow any additional amounts. They're happy to loan $100K or more as the house is now worth $250K but its not worth their time to make a small loan.
So I guess we'll just try to knock it out over the next 3 or so years.
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Jim, have you considered a HELOC to pay off that 60K balance? I have one that I've used for purchasing investment properties a couple of times (when rates are dirt cheap, and I knew I could AGGESSIVELY pay it off within three years, even if the variable rate climbed a bit.) My HELOC (0 balance) has been at 3% (through a credit union) for several years now, and I don't foresee the interest rate moving much past that anytime soon. I even used it to purchase my 911 years ago since "my money" was earning a much better return at the time. Caveat...I would never put my primary residence "in play" via a HELOC unless I had my "ducks in a row", but you've been quacking here for a while and I know you're "good"
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