Refinance time may be here

Mailbag

October 11, 1998

Dear Mr. Azrael:

I have recently purchased some investment property at 30 percent less than the market value [with a mortgage] at 10.5 percent for 30 years.

I am looking at refinancing the properties at the full-market value at a lower interest rate. Would this be wise?

I am thinking that I could possibly pay off the current mortgage and use the rest of the income to possibly purchase more properties.

Please give me some advice.

Wave Taylor

Baltimore

Dear Ms. Taylor:

Interest rates are falling. Now is a great time for folks to consider refinancing their mortgages.

It's not possible for me to tell you whether refinancing makes sense in your particular situation. The interest rate available to you will depend on many factors, including the loan-to-value ratio of your property, your credit standing and the term of your new loan.

I suggest you contact several banks, savings and loans and mortgage brokers to find out which loan programs best suit your specific needs.

Questions?

The Sun invites you to send real estate questions to Mailbag. Questions are answered by Jonathan A. Azrael of Azrael, Gann and Franz of Towson. Questions -- including name, address and daytime telephone number -- may be sent in the following ways:

Mailing address: Real Estate Mailbag, Fifth Floor, 501 N. Calvert St., Baltimore, Md. 21278-0001. Fax: 410-783-2517. E-mail: real.estataltsun.com

Our Sundial audio-response number: 410-783-1800. Enter code 6170 after the greeting.

Pub Date: 10/11/98

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