Refinancing now: A bad move?

[mont9210]

The current value of my house is 530k and am thinking of refinancing to pay off some debt (about 30k). My current loan is at about 310K. Given everything going on with the housing market nowadays I am really struggling with this decision. I do intend to keep the property for the long run (or at least that’s the goal); however, if I end up moving from the area and wanted to keep and rent the property at about $1,800 to $2,000 I would not have a good cash flow as my new mortgage payment would be in the range of $2400 and so I will hate to sell my house as my goal is to keep it 10-15 years as a nest. Refinance or not refinance now? Is refinancing justifiable just to pay off my debt? -interest rates are super low; what would you advice? I will welcome any feedback. SC

[sd_bear]

First, is your house really worth 530k? Don’t look at what anything sold for in the past few months or what zillow says.

If you had to sell your house TODAY what price would you have to list it at to generate that sale?

[sd_bear]

First, is your house really worth 530k? Don’t look at what anything sold for in the past few months or what zillow says.

If you had to sell your house TODAY what price would you have to list it at to generate that sale?

[sd_bear]

First, is your house really worth 530k? Don’t look at what anything sold for in the past few months or what zillow says.

If you had to sell your house TODAY what price would you have to list it at to generate that sale?

[sd_bear]

First, is your house really worth 530k? Don’t look at what anything sold for in the past few months or what zillow says.

If you had to sell your house TODAY what price would you have to list it at to generate that sale?

[sd_bear]

First, is your house really worth 530k? Don’t look at what anything sold for in the past few months or what zillow says.

If you had to sell your house TODAY what price would you have to list it at to generate that sale?

[HLS]

MONT,
I’m in the mortgage biz and often get questions like yours.

It depends on your overall situation and the rate/loan that you have now. Depends what you can qualify for.
It’s really not a situation to struggle over.

The rental market is what it is, regardless of what you owe or what the house is worth.

If you get a fully amortized loan, you will be paying principal.
If you compare an interest only loan, your cash flow will be better.

If you want an analysis of what you can actually qualify for from someone that can help you, just let me know.

You are going to get plenty of opinions here from people who don’t really understand your overall situation, but think that they do.

The longer you wait, the lower the value of the house will probably be, and from what you are asking, you will still have your other debt that may be at a higher rate and is not tax deductible.
If you wait until it’s not your primary residence to refi, your rate will be higher.

If you are trying to pick the exact bottom of rates, that isn’t realistic.

[HLS]

MONT,
I’m in the mortgage biz and often get questions like yours.

It depends on your overall situation and the rate/loan that you have now. Depends what you can qualify for.
It’s really not a situation to struggle over.

The rental market is what it is, regardless of what you owe or what the house is worth.

If you get a fully amortized loan, you will be paying principal.
If you compare an interest only loan, your cash flow will be better.

If you want an analysis of what you can actually qualify for from someone that can help you, just let me know.

You are going to get plenty of opinions here from people who don’t really understand your overall situation, but think that they do.

The longer you wait, the lower the value of the house will probably be, and from what you are asking, you will still have your other debt that may be at a higher rate and is not tax deductible.
If you wait until it’s not your primary residence to refi, your rate will be higher.

If you are trying to pick the exact bottom of rates, that isn’t realistic.

[HLS]

MONT,
I’m in the mortgage biz and often get questions like yours.

It depends on your overall situation and the rate/loan that you have now. Depends what you can qualify for.
It’s really not a situation to struggle over.

The rental market is what it is, regardless of what you owe or what the house is worth.

If you get a fully amortized loan, you will be paying principal.
If you compare an interest only loan, your cash flow will be better.

If you want an analysis of what you can actually qualify for from someone that can help you, just let me know.

You are going to get plenty of opinions here from people who don’t really understand your overall situation, but think that they do.

The longer you wait, the lower the value of the house will probably be, and from what you are asking, you will still have your other debt that may be at a higher rate and is not tax deductible.
If you wait until it’s not your primary residence to refi, your rate will be higher.

If you are trying to pick the exact bottom of rates, that isn’t realistic.

[HLS]

MONT,
I’m in the mortgage biz and often get questions like yours.

It depends on your overall situation and the rate/loan that you have now. Depends what you can qualify for.
It’s really not a situation to struggle over.

The rental market is what it is, regardless of what you owe or what the house is worth.

If you get a fully amortized loan, you will be paying principal.
If you compare an interest only loan, your cash flow will be better.

If you want an analysis of what you can actually qualify for from someone that can help you, just let me know.

You are going to get plenty of opinions here from people who don’t really understand your overall situation, but think that they do.

The longer you wait, the lower the value of the house will probably be, and from what you are asking, you will still have your other debt that may be at a higher rate and is not tax deductible.
If you wait until it’s not your primary residence to refi, your rate will be higher.

If you are trying to pick the exact bottom of rates, that isn’t realistic.

[HLS]

MONT,
I’m in the mortgage biz and often get questions like yours.

It depends on your overall situation and the rate/loan that you have now. Depends what you can qualify for.
It’s really not a situation to struggle over.

The rental market is what it is, regardless of what you owe or what the house is worth.

If you get a fully amortized loan, you will be paying principal.
If you compare an interest only loan, your cash flow will be better.

If you want an analysis of what you can actually qualify for from someone that can help you, just let me know.

You are going to get plenty of opinions here from people who don’t really understand your overall situation, but think that they do.

The longer you wait, the lower the value of the house will probably be, and from what you are asking, you will still have your other debt that may be at a higher rate and is not tax deductible.
If you wait until it’s not your primary residence to refi, your rate will be higher.

If you are trying to pick the exact bottom of rates, that isn’t realistic.

[dejams]

If the 30K interest is much higher than you should refinance. But before you get a new loan, you might want to consider borrow against your 401K if you have one to pay off the 30K. The will be repaying yourself on the 401K interest.

[dejams]

If the 30K interest is much higher than you should refinance. But before you get a new loan, you might want to consider borrow against your 401K if you have one to pay off the 30K. The will be repaying yourself on the 401K interest.

[dejams]

If the 30K interest is much higher than you should refinance. But before you get a new loan, you might want to consider borrow against your 401K if you have one to pay off the 30K. The will be repaying yourself on the 401K interest.

[dejams]

If the 30K interest is much higher than you should refinance. But before you get a new loan, you might want to consider borrow against your 401K if you have one to pay off the 30K. The will be repaying yourself on the 401K interest.

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