Is it a good idea to refinance? Also, I

[kubiak422]

would like to include our home equity loan if that is a possibility? We have only had our mortgage for 3 years now.

[capecoralbroker]

Any time that you have TWO mortgages, and rates are going down, is a good time to possibly refi, however, the basics that control whether or not there is an advantage to refinancing rest with three central factors: Your loan to value, your credit scores, and your debt to income ratio. If, for example, you can't show that you are significantly less than 50% extended (meaning that for every $1 gross income you have, less than $.50 goes out in mortgage payments, Homeowners Insurance, property taxes, credit card debt, child support, vehicle payments, etc. ON A MONTHLY BASIS, then it may increase the cost of the loan by way of a higher rate of interest. There are other factors as well, but individual cases should be scutinized by your mortgage broker and discussed so that you, the consumer, are aware of the alternatives and the best way to optomize your individual situation! contact me with any questions !!

[Cheryl G]

If you can lower your average interest rate by at least 2%, you might want to look into refinancing and including the home equity loan. Add the rate for the primary loan rate and the equity loan rate together and divide by two. This gives you the average rate you pay.Go online and investigate what's available, what it will cost to close the loan and what interest rate you can qualify for. If it is at least 2% less than you now pay for both loans, you might want to consider it.

[Carolinahomerates.com]

what is the first mortgage rate??the 2nd mortgage rate?