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If you now have multiple Loans and Credit Cards, including car loans on top of your Home Loan you may find things are getting a bit stretched.
If bills and payments are actually starting to run late, or perhaps a Tax Bill is involved, the banks won't consolidate your debts into a refinance at all, let alone at the same interest rate.
Assuming you have enough Equity in your property you may be able to do a Non Conforming Home Loan with a specialist lender to make things more affordable but the Interest rate is going to be 1.5% dearer than your existing home loan.
Its crossing your mind it may be better to sell and buy again later.
Lets look at the possible costs on selling a $700,000 Home with a $450,000 mortgage.
This person owes another $100,000 with a combination of Car loans, Credit Card and Personal Loans
|Sales commission 2%||$14,000|
|2 years rent if they can get a suitable house at $500,000||$44,000|
|Buy gain 2 years later. Possible Price rise 10% maybe a lot more||$70,000|
|Stamp Duty Legal Fees 5% of sales price Estimate||$38,500|
|Moving Costs again||$3,000|
Extra Interest paid on refinance just Home loan
Home Loan original 450000 @5% 22,500 New Loan 6.5% 29250 Per Year
|Difference per year 6750||$13500|
Saved Interest on Cards, Personal Loans say
100,000 @ average of 15% is $15,000 -
Less new interest on 100,000 @ 6.5% 6500
Saving of $8,500
|Even if there were legals and fees of||$15,000|
|The cost over 2 years would only be an extra||$11,500|
If payments were maintained on time for 2 years you could probably refinance back to whatever the competitive rate is in the marketplace.
It would be considerably less than the 172,500 you would fall behind selling and re entering the market.
A 30 year loan of $450,000 @ 5% =2416per month
|+ 100,000 @ 15% per year over 5 years 2379 per month||Total $4795 per month|
|A Consolidated $550,000 30 year loan at 6.5% per month||Total $3476 per month|
|A reduction of payments of||Saving $1319 per month|
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