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  • May 10, 2008 at 4:31 PM #12695
    fsbo
    Participant

    We are paying 7.5% interest on our second mortgage. We just received  a home equity refinance offer from our first mortgage lender – no cost, fixed @4.5%.  It is even better than our 1st mortgage interest (30 yrs @5.75%).

    As LTV (Loan to value) keeps the same, it seems making sense to pay off our second mortgage using this home equity loan, while both are tax deductible.

    Is it too good to be true? Any ideas would be appreciated…

    May 10, 2008 at 6:22 PM #202183
    KingKong
    Participant

    see this very informational thread

    http://piggington.com/heloc_with_prime_minus_0_76

    May 10, 2008 at 6:22 PM #202229
    KingKong
    Participant

    see this very informational thread

    http://piggington.com/heloc_with_prime_minus_0_76

    May 10, 2008 at 6:22 PM #202257
    KingKong
    Participant

    see this very informational thread

    http://piggington.com/heloc_with_prime_minus_0_76

    May 10, 2008 at 6:22 PM #202281
    KingKong
    Participant

    see this very informational thread

    http://piggington.com/heloc_with_prime_minus_0_76

    May 10, 2008 at 6:22 PM #202315
    KingKong
    Participant

    see this very informational thread

    http://piggington.com/heloc_with_prime_minus_0_76

    May 10, 2008 at 9:51 PM #202253
    fsbo
    Participant

    Thanks!

    May 10, 2008 at 9:51 PM #202300
    fsbo
    Participant

    Thanks!

    May 10, 2008 at 9:51 PM #202327
    fsbo
    Participant

    Thanks!

    May 10, 2008 at 9:51 PM #202352
    fsbo
    Participant

    Thanks!

    May 10, 2008 at 9:51 PM #202387
    fsbo
    Participant

    Thanks!

    May 10, 2008 at 10:05 PM #202258
    HLS
    Participant

    FSBO…

    I believe that you are misunderstanding some part of their offer to you.
    You are saying that they are offering you a fixed 2nd at 4.50%? Fixed for how long ?

    I could understand if it was a HELOC offer, but those are adjustable, not fixed. There are HELOC’s today that have adjusted to below 4%, but I don’t know of any new lenders offering them that low for new origination.

    If it is true, take out the maximum amount that you can and pay down as much as possible on your 1st.

    Something doesn’t make sense. Care to elaborate ?

    May 10, 2008 at 10:05 PM #202305
    HLS
    Participant

    FSBO…

    I believe that you are misunderstanding some part of their offer to you.
    You are saying that they are offering you a fixed 2nd at 4.50%? Fixed for how long ?

    I could understand if it was a HELOC offer, but those are adjustable, not fixed. There are HELOC’s today that have adjusted to below 4%, but I don’t know of any new lenders offering them that low for new origination.

    If it is true, take out the maximum amount that you can and pay down as much as possible on your 1st.

    Something doesn’t make sense. Care to elaborate ?

    May 10, 2008 at 10:05 PM #202330
    HLS
    Participant

    FSBO…

    I believe that you are misunderstanding some part of their offer to you.
    You are saying that they are offering you a fixed 2nd at 4.50%? Fixed for how long ?

    I could understand if it was a HELOC offer, but those are adjustable, not fixed. There are HELOC’s today that have adjusted to below 4%, but I don’t know of any new lenders offering them that low for new origination.

    If it is true, take out the maximum amount that you can and pay down as much as possible on your 1st.

    Something doesn’t make sense. Care to elaborate ?

    May 10, 2008 at 10:05 PM #202355
    HLS
    Participant

    FSBO…

    I believe that you are misunderstanding some part of their offer to you.
    You are saying that they are offering you a fixed 2nd at 4.50%? Fixed for how long ?

    I could understand if it was a HELOC offer, but those are adjustable, not fixed. There are HELOC’s today that have adjusted to below 4%, but I don’t know of any new lenders offering them that low for new origination.

    If it is true, take out the maximum amount that you can and pay down as much as possible on your 1st.

    Something doesn’t make sense. Care to elaborate ?

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