Refinance question! Please advise!
I'm a new poster, and I'd love some help.
My husband and I moved about 1000 miles for a job. We bought in our new location using a 12 month bridge loan from our equity in our old house, which is on the market - we didn't have the luxury of waiting to move/renting at the new location.
Yes, you guessed it! Six months later, old house isn't sold. And the market stinks, so I have no reason to think it will be sold in another six (or more) months at this point. I'm thinking we should re-arrange our financial stuff to a more sustainable plan. But I don't know what that might be - please, any advice?
Here are our specifics. Old house has an existing mortgage - 5/1 ARM, 30yr, originally owed (12/2003) $225K, paid down to about $100K now (although payments still based on the 225, so relatively high). With taxes and insurance totalling 7K and 4K(dunno why so high - gotta check that!) a year, respectively, this check is about $2200 I think a month. The old house is currently on the market at $475K. (Which, best as I can tell, is an appropriate price.)
Okay, the new house- paid 500K. Put $275 down, using a bridge loan of ~270K based on old house. That loan runs around 1500 a month, and I think is interest only? Our new mortgage is $225, a 15 yr fixed at around 5.75% I think? that one runs, w/ tax and insurance, around 2500 a month I think. I think this house has taxes around 5500/year and insurance maybe 1000 -
not sure. Oh, and the new house appraised 6mo ago at $525K.
Anyway, we are fortunate that we 1- have excellent credit and 2- enough money to pay all this. But if I can't sell the old house, I want to start paying down that 270K. And quite frankly, a little less money bleeding out each month would be nice.
Help! What should we do?
Besides, of course, unload our old house, which we would LOVE to do!!!
thanks in advance for any pointers!