Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
I bought a condo a year ago. We did 100% financing using an FHA loan and a Utah State Housing loan, which I realize may have not been ideal. I have 2 30-year loans on my condo:
Mortgage: $157,633 - Rate: 3.99%
2nd Loan- $9,415 - Rate: 5.99%
Principal and Interest on 1st loan: $765.17
Escrow Payment: $280.95
2nd loan: $57.09
Total Housing Payment: $1,103.21
Am I doing something wrong here? Is it worth looking at refinancing after only one year? I know interest rates have dropped near the 3% range. Is it advisable to consolidate these loans? Is that even possible with an FHA loan? We plan on staying in this house for at least another 4 years, after which my wife will have finished pharmacy school and our income will increase substantially. At that point we will look into whether or not we want to stay, sell and relocate, or relocate and rent out the condo. Any advice?
- Posts: 21
- Joined: 15 Sep 2012
With the two loans it dosn't sound like you have 20% home equity, if so there will be very limited if any refinaning options.
I would just pay off the 5.99% loan as soon as possible.
- Posts: 4013
- Joined: 10 Oct 2007
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