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annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

I needed a 20% dowmpayment for my investment home . I pulled the money out of my residence home through refinancingin two month ago . I had a 5.5% before refinancing with a balance of 93,000 before refinancing paying a monthly payment of 705. After refinance , I have a conv jumbo payoption ARM with a balance of 152,000 paying 1,161 . I did not understand what all this meant and trusted the broker who avoided all the important details . I terribly regret this move and I am worried about the changes in interest and monthly payment . I don't know which option to take , whether 12-year amortized payment option or minimum payment . How soon can I refinance again for a fixed mortgage ? My credit score is 641. Thank you in advance .

JKennedySLG · Posted: Fri Oct 02, 2009 11:29 am Post subject:

You must find out if there is a Pre-Payment Penalty attached to your loan. If you pay the minimum payment, your going to be in trouble with declining values. I hope this helps...

gmakerley · Posted: Fri Oct 02, 2009 11:40 am Post subject:

anny these bogus posts of yours don't do anyone much good, i'm afraid.

dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

I think you have to choose refinance alternative. You are right to realize your current loan program has some issues for you long-term. Carefully review a fixed program, and judge whether it's higher payment is better for you than the adjustable risk and minimum payment temptation.

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

Might be wise to check a refinance alternative. Hope this helps.

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fixed mortgage.