We have a 7-year ARM. We have had it for 3 years now. I was thinking of refinancing now that the interest rates are a little low. The thing is that I hate where we are living and I would move out this second if I could (the price in our house has dropped & my husband has a good job and doesn't think he can find one as good somewhere else.) Anyway, I am sure that we will be out of here before the next 4 years at least I am hoping we will be. The only way we will still be here is if the recession hits harder, or we enter a depression. Am I going to regret not refinancing to a fixed rate?Answer Question
Asked by Anonymous at 12:15 AM on Feb. 25, 2009 in Money & Work
I don't know the specifics of your situation, but I would look at the Neighborhood Assistance Corporation of America (NACA). They don't refinance loans, but they DO work with your current lender to have your loan restructured. We spent 3 months working with them and they got our lender to drop our 10.45% ARM to 5.25% Fixed for the remaining life of the loan. So instead of starting over with a new loan they restructured what was left of our current one! I also utilized a forum at LoanSafe.org. They are experienced and give excellent advice. :) Hope this helps!
Answer by tandknix at 12:24 AM on Feb. 25, 2009
Answer by miss_nevin at 1:22 AM on Feb. 25, 2009
What do you mean when you say "i dont think its gonna go lower that means it can only go up.." are you talking about your interest rate?
Answer by tandknix at 1:33 AM on Feb. 25, 2009
Answer by slw123 at 11:56 AM on Feb. 25, 2009
Answer by Anonymous at 12:52 AM on Feb. 26, 2009
Answer by tandknix at 8:28 AM on Feb. 26, 2009
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