currently I owe 280k w/ 6.375% 30 yr. fixed and impound of taxes for $1672.00 in So. Ca. I would like a lower interest rate and pull approx. 10-15K out and have been offered 10/30 int. only fixed @ 5.875 w/10k out same payment; or same prog. w/payoff of approx. 8k and payment $1720 all include impounds.
2007-02-25 04:58:36 · 4 answers · asked by sissytwo 3 in Business & Finance ➔ Renting & Real Estate
try to stay away from a interest only loan. If you plan on staying in the home for long term an fixed rate is your best bet. Your current rate is pretty good and the only way to get a lower rate is to buy down the rate with points. Tell your broker to give you two options on a fixed rate. With buying down the rate or without. Not interest only.
2007-02-25 05:43:35 · answer #1 · answered by umortgage3@sbcglobal.net 1 · 1⤊ 0⤋
I can get you a lower fixed interest rate while pulling out 15k assuming your home is worth more than 383k and you have no credit issues. If your home is worth than that, then the rate you have is fine and no one can beat it unless you pay it down.
However, the first response is correct, you do not want an Interest only loan if your goal is to have a 30yr fixed.
Good luck to you.
2007-02-25 08:53:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I also asked this same question 2 times, and did not get an answer
2016-08-23 19:19:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
We can beat those rates if you're interested, but yeah you want to aviod intrest rates.
2007-02-25 13:33:11 · answer #4 · answered by Phil H 2 · 0⤊ 0⤋