We appreciate reading the comments by you and other smart folks on this forum.
We are looking at a home mortgage refi and are at the point of deciding whether to grab the best deal now or to wait for something better. The $64k question.
Heres our situation, in approximate numbers:
Original mortgage - $400k, 30 yr fixed, 7.6%, now about half way (14 years)
Second with same lender - $25k,
HELOC with same lender- $25k
Other debts - $50k
Current estimated appraisal - $900K
FICO above 750
Retired; do not expect to relocate
Our thoughts regarding refi:
Seek $500k, 15 year loan; pay off original home lender; use cashout to pay off $50k debts
It doesnt appear that we qualify for any of the new initiatives. No ARM, no hardship, etc.
Depending on .(who you ask, what day it is, time of day, etc.), it looks like we might be able to land somewhere between 4.2 and 4.5% and a point or so. We arent in any particular hurry, unless, of course, those terms are heading upwards.
What would be your advice/recommendation? Jump now or wait? While many experts might have different views, we know one thing for sure your crystal ball is infinitely better than ours! TIA!