Posted: Wed Jul 16, 2008 9:45 am Post subject: Need advice on refinancing my current mortgage
I am a single female homeowner in my mid 50's with a current mortgage of $90,000. I have a 5/1 ARM which will change in July 2009. I have a fico score of 750. My home is currently appraised at $289,000. I have been reluctant to refinance due to my low monthly payments. I need to keep my payments low and was wondering if I should refinance now with another 5 - 7 year ARM or wait until the end of 2008 with another type of loan.
My home is also in need of siding and new shingles. I don't want to add any more money onto my existing mortgage. I am planning on retiring in 10 years.
Posted: Wed Jul 16, 2008 11:23 am Post subject: Interest only!
You have to be kidding.....interest only loans are a disaster.....this is one of the reasons why the economy is in the situation it is in. I think I am in the wrong forum.
Marty is nothing but a spammer. Marty please stop spamming in the forums.
BTW apreston not only the interest only but ARM is also another reasons for the economic downfall. So I would suggest you to refinance and turn it into FRM. But if you don't to stay in this property for a longer period of time then ARM is better option. Tell us about the present rates that you are paying and also how good is your credit score?
I would say that you can get a 30yr fixed at around 6-6.5% rate with your qualifications. If that is low enough for you then go with fixed rate since you will be retiring soon. As far as any improvements you might want to do might as well roll them into the loan since you will be refinancing anyway. If you looking for lower rate then a 5yr arm might work for you but then you will be refinancing in 5 yrs. _________________ Eugene Volovik
Home Loan Consultant
Countrywide
612-481-3127
Conventional, FHA and Commercial Lending
I would wait till December to refi. I would not refi into another arm. If you want some FREE advice from me just respond to this post. I will get you my contact info and we can go over the specifics of your scenario. Kindest Regards,
Michael
Michael I am not a mod but your post is spam and is as bad as Marty above.
Please read the rules of the board so you know what is and what is NOT allowed. _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
First off my advice is good. 2nd if you're not a mod, please kindly mind your own business. I am trying to help someone that came to a forum looking for advice. It's hard to do over a forum (typing) when you don't know all the details.
I would keep my eye on rates from now till Feb of 2009. Rates are currently the highest they have been all year. Historically rates are lowest closest to Christmas year over year. There is no guarantee of this as economic data is the main determining factor. Although there are trends.
You will either have to pay for the repairs yourself or get some cash from the equity when you refi. I would be interested to know what type of Income/debts you currently have. Also wht type of Retirement income are you planning on? How much and from what sources.
I am a moderator and I would ask kindly to keep your low opinions of other people to yourself. (this is not the first time)
Also try to refrain from posts asking people to contact you.
If you have some constructive advise please give it. If the person likes what you have to say they can contact you via private message. _________________ Eugene Volovik
Home Loan Consultant
Countrywide
612-481-3127
Conventional, FHA and Commercial Lending
Michael
It is my business and will continue to point out when you break the rules of the forum. I will also continue to share this info with those that do moderate and run this board.
Your advise may be good but spam is spam and if you cant follow the rules of the board then you will hear about it. From , me and many others.
Good Nite _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
apreston
