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  1. 09-03-2011, 06:36 AM #1
    lovestoread
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    Question mortgage? should i or shouldn't i??

    We are at 22yrs on our mortgage at 6%...my home equity loan is at 24 yrs at 9%. Payment on mortgage is $587. HE is $316. Churchill mortgage has offered me a 20 yr at 4.25% with a combined (mortgage and HE) with pymt of $844. Also, a 15 yr mortgage at 3.5% with pymt of $885. Even though this pymt is lower than the combined loans above, they were separate pymts and space about 2 1/2 weeks apart...making it easier for me to make them without being such a large pymt. Husband is changing jobs this week and it will be salary..,never had this before, always a changing paycheck..soooo, any suggestions??? I would really like to do this but it scares the crap out of me. Also, we have co signed for college loans for our kids (I know, a no no according to Dave)...worried about our debt to loan ratio , and don't want to just throw away 3-400 dollars for an appraisal only to be told we cant' do this...thanks for any help...
    Sheri











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  2. 09-03-2011, 06:37 AM #2
    lovestoread
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    this all includes taxes and insurance...
    Sheri











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  3. 09-03-2011, 08:49 AM #3
    Russ
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    Do you have an idea what your house is worth compared to what you owe? That seems to be your sticking point.
    Russ

    Truck payments: 10 9 8 7 6 5 4 3 2 1 WAHOO!
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  4. 09-04-2011, 08:40 AM #4
    lovestoread
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    At the last appraisal for the mortgage loan, it was 8 yrs ago,,,we were at around 104,000...6 yrs ago when we refinanced the HE loan it was about 84,000...so I would think guessing...Hoping...around 90-95,000...we own 2 acres 2 mi. from town...very low taxes and very well maintained home...who knows?????
    Sheri











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  5. 09-04-2011, 07:49 PM #5
    Russ
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    Well, if your combined two loans are less than $95K I think it would be worth a shot.
    If it was me, I'd get the 20 year loan and if you can, which you should based on the other payments, throw extra principal at it. That way your not stuck with the higher payment should something happen.
    Make sure there is not a prepayment penalty.
    Russ

    Truck payments: 10 9 8 7 6 5 4 3 2 1 WAHOO!
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  6. 09-04-2011, 09:28 PM #6
    esb3357
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    Personally I would go ahead with it. It sounds like a great deal and you can spend your "savings" on paying it down faster.
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