Posted on: 18th Jan, 2011 04:06 pm
i am attempting to refinance my mortgage. original loan was $134,000 balance is $107,000 (30 year fixed 5.5 interest rate) and i have 23 years left on the loan from chase. i also have been making an extra payment every year. value of my home is $127,000 (appraisal was done about a year and half ago). my current monthly payment is $1131 and my credit is excellent. i would first like to lower my monthly payments to have more disposable income as this payment doesn't leave me with much at the end of the month. i have never had a late payment. also i would like to pay the home off sooner if possible. i have been offered a 7/1 conforming loan 3.5 interest rate. is this a good deal for me. i am not really confortable with an arm as it leaves too much to chance but i don't know enough about the product to make a good decision.
Hi teresalubensky,
In my opinion, it will be better if you could go for a fixed rate mortgage. Thus your rates will not get changed in the future. Thus, if you have equity in your property, I will suggest you to have a word with your local lenders and check out if you can get a fixed rate mortgage.
Thanks
In my opinion, it will be better if you could go for a fixed rate mortgage. Thus your rates will not get changed in the future. Thus, if you have equity in your property, I will suggest you to have a word with your local lenders and check out if you can get a fixed rate mortgage.
Thanks