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Community Mentor

Ask Jessica

What is LIBOR Index and why to go for LIBOR Rate ARM?

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Message

Guest

Post subject:

It will be the lender's discretion. You need to contact your lender and check out if he will allow you to buy down the existing one.

jonny_b good

Guest

0.10 Dollars($)

Post subject: keep arm or refi

i orig. did a 5 year interest only arm that began to reset in dec. 09 and last two years i've had 3.375% and this year 3.0%. My question is should i continue with this or get out and get fixed rate? i am not under water and i have taken advantage of low rate by paying more each month

adonis
adonis

Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA

1089.18 Dollars($)

Post subject:

HI jonny, Presently your interest rates are excellent. You should contact your lender and check out what type of rates you will get if you go for frm. If you find that the rates are too high, then it will be better to stick to arm. If you feel that you will be able to afford the interest payments for frm, then you can go for it. _________________ Procrastination is the enemy of your financial success

eximbank@mttrust.com

Guest

0.10 Dollars($)

Post subject: FIVE YEARS FORECAST LIBOR RATE SIX MONTH INDEX

Need a projection of Six Month Libor Rate % in order to decide on a 7 Years Loan Proposal option.

jerry

Moderator

Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN

429.63 Dollars($)

Post subject:

Hi eximbank, You can check out the given two pages for knowing the rates: "http://forecasts.org/6mlibor.htm" "http://forecasts.org/1yrlibor.htm" Thanks, Jerry