For the bean counter types

the nikster

Active member
Joined
May 4, 2005
Messages
1,440
Location
Idaho
Question about refinancing my home.
Finally getting too scared to enjoy my ARM any longer. My wife and I have settled on a loan with a decent rate. Our house has been appraised (by the bank)and taxed (by the county) at double my current loan value. We would like to take out some equity and pay off higher interest debt. The loan officer says this will increase the interest rate.
My question is: Is this common? I thought if I borrowed more the interest might go down.
 

Gunner46

Active member
Joined
Dec 6, 2003
Messages
2,722
Location
Frigid Ohio
Refinance what you need to pay the outstanding on the home at a fixed. Use the equity as collataral on another seperate loan, SHORTER TERM. Use that to pay off higher credit cards, or home improvement. There are simple equations available on the nwt to figure out qhat the best deal will be for you. spend a weekend....it may save to !0K's in the long run.

8 Hrs. of net time, saved me 20K in just 5 yrs !!
 

sweetnectar

New member
Joined
Aug 24, 2009
Messages
1,688
Location
Montana
I would raise your debt ceiling, onlly talk about decreasing your spending, try and increase your revenue, and end up borrowing to pay the interest you owe.

or,

Do just the opposite because the above only works for the government. :)
 

the nikster

Active member
Joined
May 4, 2005
Messages
1,440
Location
Idaho
Thanks for the input. We are signing this thursday as I finally made it back to the states yesterday. We will be getting 2 loans and we will be making payments every 2 weeks. I was surprised that the meltdown did not effect our rates!!
 
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