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Lee_6063 wrote:Hello All:I'm new here and looking forward to some great information.I am trying to improve my credit rating, but my main question to all of you who are experienced in these matters is this... we are about to refinance our home, so should we get an interest only loan or an ARM loan to keep low payments? We want low payments so we can be certain we will be able to make these payments for the 2 year term of this ARM and then refinance again later as our credit rating will then hopefully be improved.The loan we are being offered now is at a higher interest rate due to our lower credit rating. Does this sound like we are doing the right thing? We need to refinance and get rid of our second mortgage. This will also reduce our payment each month.Any thoughts?Thank you for your help! :-)
Message Edited by Lee_6063 on 04-16-2007 01:14 PMAn ARM is like playing the slots, you are betting that the interest rates will not go up. Do you know something the rest of us don't. The ARM ortgage if the reason so many homes are being foreclosed on today. They got in at low rates and the minute the FED started going up, they could no longer afford the houses they purchased