Real Estate and Home Mortgages - take now or wait

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View Full Version : take now or wait

shomoyk1
02-13-08, 11:00 AM
We have two mortgages, 411,000 on the first at 6% and the second on 113,000 at 8% fixed. total of around $525,000. Our home is worth around $750,000-$780,000. The question is : is it worth the refinance the seocnd mortgage, get a lower rate and take out money since there is equity for paying off bills and construction? I would probably take out an additional $75,000.. Or is it worth waiting to see if the bill is passed to allow me to refinance into one large loan witha low rate and then take out if needed a lower heloc?
any advice???

mitch17
02-13-08, 04:21 PM
You have a tremendous amount of debt. I would leave the house alone and try the "snowball" method of reducing debt - I think there's a sticky on this somewhere and I'll post back with the link if I can find it.