A Banking Question

[Jodi1980]

I have 12 years left on a 15 year mortgage and now needs about $10,000 to fix our driveway and garage floor. Would the bank re-finance our loan, give me the $10,000 and redo the loan down to a 10 year loan?

 

[Dan Murphy]

Depends on the equity in the house, their guidelines and your credit standing. I would give them a call in the AM.

 

[robsmom]

it if probably easier and cheaper to get a home equity loan for the money.

if you can get a better interest rate than you have, refinance.

if you can't keep what you have and get a home equity line of credit. focus on paying this back 1st.

you can always pay your mortgage off early if you want it to be 10 years.

a home equity line of credit is great to have as an emergency source of cash as well.

 

[KimRaye]

I agree, think home equity line of credit. You can even use the line to payoff the first mortgage, assuming the equity rate is lower, and pay off as early as you please. The added amount on the line is always nice to have when emergency, or planned, expenses come along.