I refinance last year 2005, with a 2year fix, and would like to refinance at the end of the year in 2007, for?

Question

for a 30yrs..but now i would like to apply for a equity loan for 20,000, but my scores are 578,545,512 would it be a good ideal to try for this equity now and refiance in 2007 ,were both will be paid off at the one , in which my score will be better, because a lot of thing will fall off in the beging of 2007. what you think , help

Answer 1

Watch the news...be very careful of ARM, adjustable rate mortgages...there is an outbreak of foreclosures on the way b/c of them. Some states, such as Colorado, have 1 in 300 homes going into foreclosure. Just be careful.

Answer 2

Well its definitely a good idea to lock in the rate.
But getting the equity loan AND refinancing will cost you needlessly. Do one or the other.
Why do you have so many different credit scores?
Do you check it often?

Go here to check how much equity you have and get a few quotes from competing lenders in your area. No credit check is needed.
http://www.savingslife.com/loans/step1.php

Answer 3

I think it wasn't a good idea to go for a two year loan when 30 year rates are really good and short term interest rates are more likely to fall than rise at this point.

Answer 4

You are probably better off getting the equity loan now and refi in a couple years.