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apreston · Joined: 16 Jul 2008 Posts: 2 2.12 Dollars($)

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.

Would appreciate your advice.

Guest

Another 5-7 year arm, or an interest only, with as much equity as you have, would be great. I would love to help!

Marty

I am online now!

[Email address deleted as per the forum rules]

apreston · Joined: 16 Jul 2008 Posts: 2 2.12 Dollars($)

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.

evolovik26 · Posted: Thu Jul 17, 2008 7:09 am Post subject:

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.

michael_ueltschey · Joined: 11 Jul 2008 Posts: 15 6.47 Dollars($)

Apreston,

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_ueltschey · Joined: 11 Jul 2008 Posts: 15 6.47 Dollars($)

Brian1,

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.

michael_ueltschey · Joined: 11 Jul 2008 Posts: 15 6.47 Dollars($)

Apreston,

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.

evolovik26 · Posted: Mon Jul 21, 2008 10:37 pm Post subject:

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.

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Need advice on refinancing my current mortgage