ELI5: Re-Financing
I need to understand how does it work.
I got a condo which was $270K, I have been paying its mortgage for almost 5 years and now the mortgage is down to $240K. The current condo price is around $310. I have few debet's which are driving me crazy. Even though I am able to handle them with my salary but any unexpected expenses would be unmanageable for me. So thats why i was thinking to do a refinance, get the debt pay off and will see how it goes from there.
But what someone told me that in case of refinance i will be putting down 20% towards condo downpayment. If this is the case, then I will be barely left with $1000 - $3000 which are nothing for my debts.
Can someone explain re-financing to me?
Thanks
I got a condo which was $270K, I have been paying its mortgage for almost 5 years and now the mortgage is down to $240K. The current condo price is around $310. I have few debet's which are driving me crazy. Even though I am able to handle them with my salary but any unexpected expenses would be unmanageable for me. So thats why i was thinking to do a refinance, get the debt pay off and will see how it goes from there.
But what someone told me that in case of refinance i will be putting down 20% towards condo downpayment. If this is the case, then I will be barely left with $1000 - $3000 which are nothing for my debts.
Can someone explain re-financing to me?
Thanks