Home Selling in Santa Fe>Question Details

Nancy Schmitz, Home Seller in Santa Fe, NM

I have a 550,000 house with a 60,000 mortgage, baloon payment next march - I want to sell it then not now -

Asked by Nancy Schmitz, Santa Fe, NM Wed Apr 1, 2009

how can I refinance for that short a time - it was suggested I take a equity loan, pay it back but the equity loan is variable - advice?

Help the community by answering this question:


Take a reverse mortgage against your equity
Drink Tequila
1 vote Thank Flag Link Fri Sep 20, 2013
All home equity loans are variable. However, the rates are low, even the variables or especially the variables. In general the closing cost are absorbed by the lender, even a drive by bank appraisal, however ... pay the loan back before a certain time, and the closing cost will have to be reimbursed. No free lunch but a great if not the only solution. You must however obtain the loan before you put the home on market.
0 votes Thank Flag Link Tue Nov 15, 2011
Nancy - If your timeframe is that short then a re-fi now just doesn't make good financial sense. Unless you are carrying a very high rate now, the closing costs on a re-fi will never be made up by the lower monthly rate you'd pay for a re-fi'd mortgage over the next seven months. Of course unless the market improves there's a chance your house won't sell as soon as you list it (depends on location, condition and how competitively priced it is), so if you are just wanting to be prepared for a longer haul, then a re-fi might make sense.
0 votes Thank Flag Link Wed Jul 15, 2009
You need to talk with someone in the context of your total financial situation. It sounds to me like talking with a cpa or financial planner might be in order also.

In general the amount of time (the term of the long) is not material as long as you do not have a prepayment penalty. I would get as many specifics and options on the table, then talk with professionals.
0 votes Thank Flag Link Thu Apr 2, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
You need to speak with some very good finance people. I am going to suggest a few however there are quite a few great ones and there is money to be had
Tammy Blea with New Mexico Bank and Trust at 505-946-2520
Marty Enfield with Century Bank at 505-989-1939
Francis Phillips with 1st Metropolitan Mortgage at 505-982-8310

Hope this helps,
Victoria Murphy
Santa Fe Properties
0 votes Thank Flag Link Wed Apr 1, 2009
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