After fully analyzing the client’s current loan situation. Their first mortgage rates are in the mid 5’s and it is a 5 year fixed rate mortgage that they have only been in for one year and a half. Their second mortgage rate is at 8.5%. Due to the mortgage lates their credit scores have gone down between 20-50 points between the three bureaus’. They needed to get rid of the credit card payments because the average interest rates on those cards are about 12.5%. I suggested for them to refinance just the second mortgage, the rates was higher than their initial rates by about 2% but they will have paid off all their credit card debts. They now can write off more interest deduction on their taxes, their payments were reduced by about $1500.00 due to us eliminating the credit debts. Now, they have more flexibility to concentrate on paying their mortgages on a timely manner.
Thank you so much for your inquiries, I enjoy very much giving advice and helping our readers obtain better financing.
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