jjf
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 29 Aug 2006
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Currently have an interest only 5/1 ARM (less than one year on load) , should I refinance to fixed rate or gamble and wait to see if interest rates come down?
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Tue Aug 29, 2006 6:03 pm |
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teddy12b
Member
Cash: $ 2.70
Posts: 12
Joined: 23 Nov 2005
Location: Indiana
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Get a fixed rate loan. Let's face it. Rates only go one way, and that's up.
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Tue Aug 29, 2006 6:29 pm |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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Adjustable rates are damn near almost the same as fixed rates at this point in time. This hasn't been so in the past. Take advantage of it and get a fixed rate, gaining security among a wealth of other advantages.
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Tue Aug 29, 2006 11:57 pm |
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JCook
Full Member
Cash: $ 11.20
Posts: 56
Joined: 24 Jan 2006
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I agree, get a fixed rate loan and start paying off that principle. Rates over the past few years have been very low and you'd might as well lock it in now. If rates should go lower in a couple of years you could always refinance again at a lower rate.
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Wed Aug 30, 2006 2:45 am |
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go2self
Preferred Member
Cash: $ 26.45
Posts: 129
Joined: 06 Aug 2006
Location: hawaii
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keep it if - you know how to apply certain strategies that wold probably let you pay the ARM off in full within the 4 remaining years. the technique of "unlending" debt has been available for some time now.
once the note is paid off you have full acess to 100% equity
refi if - you expect the market to go sour and you have to hold onto the property longer than you expect
Time is our most volatile resource that if not used immediately is lost instantly
Last edited by go2self on Wed Nov 01, 2006 8:00 pm; edited 1 time in total |
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Wed Aug 30, 2006 4:28 am |
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thomas70
New Member
Cash: $ 1.25
Posts: 6
Joined: 26 Oct 2006
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For the love of humanity, get a fixed rate!
The housing market is getting really ugly, and it's going to get uglier. ARMs are only going to go up.
Good luck!
Tom
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Thu Oct 26, 2006 3:24 am |
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