Cash-Out Refinance or Second Mortgage? If a second mortgage … A home equity loan or HELOC?

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My house is valued 2-375K. I left it for 12 years and 88K. My current interest rate loan is 4.9. I need to borrow 220K and the need for this basic amount. With today’s rates are about 5.6 30, I know refinancing is not an option. What would be better for me to HEL or HELOC? What is my payment in 30 years, 15 years? Thank you

2 Comments
  1. Reply
    regerugged
    February 8, 2011 at 2:50 am

    Monthly payment for 220,000 at 6.5 for 15 years is $ 1,916.50
    for 30 years it is $ 1,391.00.
    I have a HELOC. At my bank it is 1 point higer than a HEC for 15 years.

  2. Reply
    goz1111
    February 8, 2011 at 3:29 am

    look the best interest rate you will get is a fixed rate at 30 year if you can not afford this rate, you will get crushed with a home equity or other second note, they are variable and rates are not coming down but going up, after the teaser rate period is over you are going to get whacked almost double the payment, so when looking at a home equity read the fine print, see how long the teaser rate last and figure what ever your payment is double it once the teaser period is over

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