Posted on 08/05/2006 12:04:10 PM PDT by agooga
Hey guys-- I have need of advice for a pretty simple financial question:
I have a regular mortgage for my house at 4.75%-- which is great, don't want to touch it. But I have a line of credit (I used to finish construction of a 2nd home) for $75K on an adjustable which is now at 8.15%.
I am just nearing the 6 mo. point on this loan where I will not incur a penalty for early payoff and am considering refinancing this one into a fixed.
Am I going to save money? What are the realistic rates for fixed loans right now? Can I get another lender to buy this debt, and will my current lender care if I refinance it through someone else?
Sorry for these completely dumb questions-- I don't really know much about finances.
Some FReepers are probably well qualified to give you advice on your loans; others are well intentioned but not qualified to give you financial direction, and maybe a few twisted minds will deliberately steer you in the wrong direction. Since you admit you don't know much about finances, how are you going to know which advice is sound? You can easily find and compare loan rates online. Educate yourself and don't trust your financial future to strangers on the internet. Talk to your banker, check out reputable financial websites, buy a book on personal finances, but (and I say this kindly) don't make financial decisions based on posts from strangers on a political forum.
Thanks for your concern-- basically I just want to know what the consensus is about adjustables right now-- is it crazy to keep an adjustable at this point?
I do have an opinion on ARMS, but stand by my statement that you should do a little reading and research so you make an informed decision. Let me know what you find out and we'll see if we agree. Good luck!
Just did the same thing. 5.99% fixed on a ten year at our credit union. May be some $ available out there for less, but we were pleased with this option
"I do have an opinion on ARMS, but stand by my statement that you should do a little reading and research so you make an informed decision. Let me know what you find out and we'll see if we agree. Good luck!"
Thanks, but you have to understand that this IS part of my research. I am not going to take any one piece of advice and blindly follow it. I am looking for a spectrum of thoughts and opinions.
But I do understand your concern and appreciate it.
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