Financing in Vermilion>Question Details

Kim, Both Buyer and Seller in Ohio, IL

NEED HELP We owe about $137,000 on our home, and we have 2 mortgages, the 2nd mortgage is an 11% so we

Asked by Kim, Ohio, IL Fri May 9, 2008

aren’t even able to get that principle down. The ARM is set to adjust in two years…
We need to upgrade due to the size of our family. Our credit and payments are great.
Our fear is that that we will not get 137000 if we sell right now, but we either have to refi or sell within 2 years..... Is it worth it to refi right now to get a better rate and one mortgage and then try to sell in another year? Or will we be kicking ourselves? What I need to know if I refinance from an 11% and 7% loans into ONE 6% loan… is if we would’ve paid off enough in a year and a half to break even or if it’s better to keep paying on these until the ARM adjusts

Help the community by answering this question:


Hello Kim,

It sounds like refinancing might be a viable option for you. I work for a bank in columbus and lend all over Ohio. We have very low closing cost excellent rates and a wide array of programs. I would be more than happy to look into it for you and get you free estimates and scenarios so you can make an informed decision. Feel free to contact me with any questions!

Brent Bester
Senior Lending Advisor
(614) 622-8916
0 votes Thank Flag Link Fri May 9, 2008
Hello Kim,
My suggestion would be to go to your local bank and see a loan officer. I doubt that a refi is worth the cost if you are going to sell in a couple of years. It all depends on how much of the loan is 7%, how much is 11% and what the closing cost would be and what your local real estate market is like. Good luck.

0 votes Thank Flag Link Fri May 9, 2008
You really need to sit down with a good mortgage broker or bank that you trust. They can crunch the numbers for you and devise a plan. It is good that you have some time to consider your best options before you get into difficulty. If you need advice or do not know a loan officer, a good local realtor can advise you.
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0 votes Thank Flag Link Fri May 9, 2008
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