Posted on: 02nd Oct, 2009 12:23 am
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 .
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...
anny these bogus posts of yours don't do anyone much good, i'm afraid.
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.
Might be wise to check a refinance alternative. Hope this helps.