Hi,
Looking for advice on housing situation. Currently we have a 3 yr ARM at 8.25% 1st mortgage / 12% of 2nd -- ridiculous I know. But, we may be able to get a 30 yr fixed for 6.662% if all checks out. However, we are wondering if it will be worth will since the only saves us about $120 per month maybe less once all is finalized (you know how that is). With the 30 year fixed, we will have to pay PMI.
I am not sure if it is worth it for the amount that we will save as the loan is costing us about $7,000 which will lower our current equity. Since we have two years on the ARM is it worth taking a chance to see if things change, say in the next 1.5 years. This will also give us to opportuntity to raise our credit scores. Or is it too risky.
One other things, do you know if we could get a HELOC to pay off the 2nd and get money for other minor repairs. If so, do you know a reputable lender for someone with a 4 yr of BK and current scores as listed: 604; 621; 655 --- 630, 638 & 658
Thanks for the advice!
Message Edited by fixfico on
09-11-2007 03:25 PM
