We've done a lot to the home in 12 yrs and want to keep it. Still it needs repairs and money is tight, it's valued at twice the amount that we owe. If we go back to a 30 yr fixed our pymnt will be even more. Now we feel stuck! I have a home equity loan that was meant for buying fixing & selling houses, but now we're wondering if we should just use it to fix up ours and sell.
Any suggestions?
2006-06-12 18:41:37 · 3 answers · asked by JMc 3 in Home & Garden ➔ Other - Home & Garden
Personally I would have left it at the 30 yr fixed rate. No matter what your taxes are at least you are secure in knowing your mortgage payment itself will never rise due to interest jumping up or going down. The adjustable rates look good when the interest rate is good only. My father had done this and for several years swore by the adjustable rate mortage because his payment was less than half what it used to be...until the interest raised then his payment became tripled what it had been on the fixed rate loan. Most companies will inform you that an adujastable rate loan is only good for people looking for a short term stay in the home (people looking to buy, fix, then immediately sell the home for profit). Anyone looking for long term residence in that home should stick with the fixed rate for their own safety. The property taxes should have been disputed if you felt they were unjustly raised, however if it was raised due to the appraisal of your home or surrounding area, then they have the right to raise them.
2006-06-13 03:19:58 · answer #1 · answered by Shadow419 3 · 0⤊ 0⤋
tricky question . but owning your house is a lot better than the insecurity of renting .Unfortunately the government wants to get as much of your profit as it can .Stick with it you will still be better off
2006-06-12 18:49:23 · answer #2 · answered by jac 5 · 0⤊ 0⤋
Did you protest the property tax increase??I thought not. You are stuck.
2006-06-12 18:50:50 · answer #3 · answered by paulofhouston 6 · 0⤊ 0⤋