| Author |
Message
|
| zerolikedis |
 Posted: Thu May 12, 2005 2:29 pm Post subject: refinancing |
 |
|
Investing Manager
|
hello to all 
i just bought a house and i financed 132,000 its an arm with 8 % rate . my question is should i refinance after 1 year and avoid paying a penalty ( 6 months intrest) or do it right away and get a better rate since rates are going up? i just made my first payment and my second one is due june 1st. btw the house is appraised at 165,000. i plan on keeping the house for at least 4 years. |
|
| Back to top |
|
 |
| zerolikedis |
| Posted: Mon May 16, 2005 4:11 am Post subject: |
|
|
Investing Manager
|
| well i think im going to refinance very soon . im trying to get in to a 3/1 option ARM that will be about a 5% with a cap at 6% because of the advice of my morgatge broker . im only 23 and i do plan and staying here for about 5 years but with the option arm i would be able to just pay intrest some months when i dont have that extra. if i get some money out and still make the same payments that im making now P&I i would pay off the morgatge in 18 years . does this sound to good to be true? should i get a fixed rate? |
|
| Back to top |
|
|
| Auream |
| Posted: Mon May 16, 2005 5:51 pm Post subject: |
|
|
New Poster
|
| Better read that fine print again. There is no way any ARMs being sold now will have a 6% cap!! Unless you mean a cap of 6% over your initial rate, which would actually be an 11% cap. In general, just keep in mind that your monthly payment can go up significantly after the initial fixed period ends. |
|
| Back to top |
|
|
| zerolikedis |
| Posted: Wed May 18, 2005 3:45 am Post subject: |
|
|
Investing Manager
|
| should i refinance quickly or wait till the year is up? |
|
| Back to top |
|
|
| gncsmith |
| Posted: Sun Jul 03, 2005 7:19 am Post subject: similar situation |
|
|
Investing Sr. Associate
|
Hi zerolikedis,
I'm in the same sort of situation. I have a 5 year fixed ARM and I've spoke numerous leaders for a refinance, but since I'm just now reaching my 1 year mark of owning the house, I haven't been able to. All of them stated that it wouldn't be feasible for me to refinance without paying a large sum and most leaders wouldn't even opt for it. Once I have 1 year in the house and some equity, they say I may be able to but it's mostly about the equity and steady payments. |
|
| Back to top |
|
|
|
|
stock market game on the web. At eInvesting you compete for monthly cash prizes while you interact, make virtual dollars, purchase items, and trade in the realistic stock market simulator. We make investing FUN!
