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    austibear's Avatar
    austibear Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 6, 2005, 06:21 PM
    Should I Refinance
    Work's been tough the past year and I got behind on my mortgage as well as evey other bill. I HAVE ABOUT $35,000 WORTH OF EQUITY in my home. I was wanting to cash out $25,000.00 to catch up and finish a few projects around the house.
    Here's my problem. I've shopped around and since I've been behind I can't find anyone that will refi me at a rate of 10.65 % or slightly lower. They make it sound so attractive because I will be getting out of debt and they say that if I stay financially clean for a year that I could refi at a lower rate.
    My current rate is 6.0% and I hate losing it. I still have 25 years left on this mortgage.
    Any advice would be helpful...
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
    Uber Member
    		  
    #2

    Sep 7, 2005, 02:51 AM
    Instead of refinancing, shop around for an equity line of credit - or even a 2nd Mtg so that you can keep the 6% on the current loan.
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