Right now it is at 9.25% (started out at 6.25%). Serious answers PLEASE!!
2007-09-04 07:14:57 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
between 2=3 percent!!!
2007-09-07 14:13:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I DO NOT UNDERSTAND WHY YOU DO NOT GO AND REFINANCE TO A FIXED LOAN.
You can roll over all the costs into a new loan at a rate of around 6.5%. Instead of losing your house because of this 5 year arm find a mortgage broker and change it. Back when rates were so low they came up with all this creative financing and it has ruined the housing market. I do not feel sorry for all the lenders bankrupcies because they brought it on themselves. If your credit is not that good you may pay a little more. Goe for the 30 yr. fixed so you can still have a life. Best of Luck!!
2007-09-04 14:54:22 · answer #2 · answered by My Baby! 7 · 0⤊ 0⤋
This is a no brainer. You need to refinance this mortage. Even if you get it fixed at 9.25, you are providing some security for yourself. If your credit is good, you should be able to get somewhere from 6 to 7% for a 30 year fixed mortgage.
2007-09-04 16:07:56 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
It really depends on what prime is at the moment, but I would expect it to go up a minimum of 2 points but it could go up more...this is why people are losing their homes right now, so seriously consider refinancing.
2007-09-04 14:36:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
if you are at 9 now you can expect about a 1-2% raise in what it is. you should seroiusly look into refinancing.
here is where I went, they blew my best offer away! they saved me about 60k in added interest over the best offer i could find. check them out!
www.directlendingplanet.com
2007-09-04 14:50:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋