Confused In Need of Refinancing Advice
by Tracey
(Wilmington NC)
Ask Kate: Confused In Need of Refinancing Advice I am a forty eight year old female who owns her own home. I have a Home Equity Line Of Credit with a major mortgage lender. I was married for twenty five years and when I was married my husband set this all up with the mortgage person. I was just called in to sign the final papers.
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Never thought I would get divorced but now that I am and I own the home I am worried about everything. I was left with $30,000.00 owed on the Home Equity Line Of Credit and no first mortgage.
I just happened to look over the paper work and see that it does have a time limit on it. Not to mention I am afraid of my mortgage company's future. It is I guess due in 2012.
It is 1 1/2 percent over prime and I was wondering what I should do. I have my savings and stocks which are greater than what I owe for now but worry about the economy today , tomorrow, week from now and a year from now. I can not sell my home right now in this market so I rent it out. I live in N.C. and go home to visit with my friends.
Any advice you could give me would be greatly appreciated . The value of my home is $299,000, located in Danville, VA.
Kate Answers: Confused In Need of Refinancing Advice
Hi Tracey, A home equity line of credit is usually an adjustable rate mortgage and can bring uncertainty to homeowners.Plan for changes to eliminate surprises. Find help for your adjustable rate mortgage ranging from prepayment penalty to understanding the complicated paperwork.
Are you trying to decide if adjustable mortgage rates are good or bad? Visit Adjustable Mortgage Rates and take out the guess work.
My door is always open if you have more questions. Ask Kate your mortgage questions.
Best Wishes,
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