Should I refinance?

Discussion in 'Budget Board' started by torinsmom, Dec 15, 2008.

  1. torinsmom

    torinsmom <font color=red>I have someone coming to scoop<br>

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    I have a 2 year ARM which will adjust next summer(and every 2 years) It is at 5.75% right now. I owe $104,000 on a $130,000 house. I know nothing about mortgages, but I know I am hearing that ARMs are bad and that rates are low for mortgages right now. My credit isn't the best, but it is decent(mortgage has been paid on time for 4 years, other bills--except one medical bill--are on time. I don't have any money to put into a refinance either. I just want to do what's right to help me in the long run. Any help would be appreciated.

    Marsha
     
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  3. mmexpress

    mmexpress <a href="http://www.wdwinfo.com/dis-sponsor/" targ

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    YES!!
    Get away from the ARM because when this economy turns around interest rate will jump.
     
  4. RitaE

    RitaE DIS Veteran

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    You need to get away from the ARM, but I don't think you need to do it right this second.

    There is a huge push to get those 30 year interest rates under 5%. I'd start tracking them now. Maybe use this time to find a good reputable mortgage broker. Have him/her run your credit reports and offer advice on what you can do to qualify for the best rates. Then have him/her track and contact you as soon as the rates drop to the level you decide.
     
  5. auroralark

    auroralark Lives for vacation

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    Yup, I agree. You should definitely try to refinance before your rate changes. Do your homework before rushing into anything, though. You have time.
     
  6. torinsmom

    torinsmom <font color=red>I have someone coming to scoop<br>

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    Thanks! How do I find a mortgage broker? I have always just gone through my bank.

    Marsha
     
  7. mmexpress

    mmexpress <a href="http://www.wdwinfo.com/dis-sponsor/" targ

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    Check with your local banks,(corporat banks tend to have better rates)
    Also check with local brokers and be aware of fee comparison between the two.
     
  8. robb01

    robb01 Mouseketeer

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    the time is now to refinance
     
  9. mmexpress

    mmexpress <a href="http://www.wdwinfo.com/dis-sponsor/" targ

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    I'm close to doing it myself as soon as I can lock in at least 1.5 points less than what I am now.
     

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