Resolved Question: second mortgage refi or consolidate 1st and 2nd (UPDATE)?

MORTAGE RATES ARE DOWN SO I AM THINKING TO REFINANCE:

we have 2 mortgages -
1st - @ 6.375% remaining 201,000 for 355 mnths no mortgage insurance - total monthly pmnt 1272.70$ + 410.2$ to the escrow account.
2nd - @ 10.75% remaining 36,000 for 225 mnths - monthly pmnt 386.8$
we plan to stay in this house for 30 years
when we bought the house was appraised @ 250k
now - 300k
our income bracket is 31%
credit score 740.

my question is should we combine these 2 @ 6.625 for 30 yrs with closing costs being apprx 2500.?

HOW ABOUT CONSOLIDATE @ 6.25% FOR 30 YRS + CLOSING COSTS 2500?

also i was given an option to refi just the 2nd one @ 8.5% for 20 yrs with closing costs apprx 250

THERE WOULD BE NO MORTAGE INSURANCE PMNTS AND WE ACN AFFORD THE MORTGAGES EASILY - JUST LOOKING TO GET A BETTER DEAL.

PLEASE EXPLAIN YOUR ANSWERS WITH SOME MATH IF POSSIBLE

any advice would be greatly appreciated.

Mortgage Refinance

Tuesday, October 23, 2007

Resolved Question: second mortgage refi or consolidate 1st and 2nd (UPDATE)?

Resolved Question: second mortgage refi or consolidate 1st and 2nd (UPDATE)?

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