A person can refinance a mortgage to refinance a mortgage against it? ?

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A doubled a few years ago my husband and I are the size of our house we had owned “free and clear.” We have a 20-year mortgage for $ 250,000 of equity at a rate of 5.85% . Since we already owned the house and it was not technically a mortgage, there is no payment on the loan. With lower prices, we hope to refinance our mortgage? Or is largely confined to refinance mortgage? Thank you.
Also, how do you calculate what you paid in total, if you had stayed with the original loan?

3 Comments
  1. Reply
    scottsmylie
    February 9, 2011 at 4:01 pm

    You can refinance a home equity loan. 5.85 seem like a very low rate as it is for a home equity though.

  2. Reply
    Noneya
    February 9, 2011 at 4:02 pm

    because the loan was secured by real estate it is technically a mortgage. If you do refinance you will be looking at a either a new conventional mortgage or a new home equity loan.

  3. Reply
    drive_55_not
    February 9, 2011 at 4:02 pm

    Use the’ mortgage amortization and schedule calculator on bankrate.com or google for one …

    http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

    Plug in your numbers and select the show table button and it’ll show you ..

    .

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