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11-26-2010, 08:36 AM
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Mortgage Refinance
I want to sell my primary home in 3-5 years but am currently trapped in a high mortgage interest. Does it make sense to try to pay down the principal by taking out a loan? That might qualify me for a lower interest rate and even come out ahead with monthly savings -- even with the new loan.
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11-26-2010, 09:30 AM
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I'm confused about what you are proposing. If you take out a personal loan and use it to pay money towards the principal of your existing mortgage, it won't lower your monthly mortgage payments so you would still have the mortgage and the new loan to pay.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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11-26-2010, 04:45 PM
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i have access to money through a pension loan or a 403b loan at low rates. It becomes a numbers games for me as I look at it...if I can refinance at a lower rate, that gives me a monthly cssh flow greater than keeping my mortgage where it is...even with the new loan...
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11-27-2010, 06:02 PM
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Do not borrow against your retirement for anything short of a catastrophe. It definitely isn't worth doing just to shave some interest off of your mortgage.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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