If you owned my home, what would you do?

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2. You can look at refinancing the home including all your current debt to lower overall outgo. When you do this, you may need to look at buying down points to get the percentage rate down. Current rates are in mid 5s, but high 4s will be a more managable payment. Make sure you get a fixed 30 year loan and start paying off.

If you owned my home, what would you do?

you should be able to do a refinance that rolls both loans into one since you have some equity in your home. if it were me--i would look to refinance and pay off the previous owner (especially if you're paying an individual that might possibly be a friend or family). then you'll have 1 payment and it should be fairly easy to handle. just make sure you get a fixed interest rate on the refinance. check with a local bank before going with bank of america

If you owned my home, what would you do?

Check out your opitions with a bank seeing what they would offer to get one loan. You've got a pretty good deal with the lender financing, so don't dump it too quickly. Don't increase your HELOC. Your property value may not be $200000, in this market values are static or declining. Don't increase your indebtedness. Only change if there is a significant advantage to you. Remember any refinancing has costs.

If you owned my home, what would you do?

You will pay several thousand dollars to refi this. YOu didn't say what interest rate your HELOC is at, but I'll assume it is higher than 6%.

Are you planning on staying in the home for at least 4 - 5 years to make it worth paying to refinance? If so, you can look into it, doesn't cost you a thing but some of your time.

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If you owned my home, what would you do?

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