Consumption and Real Estate
Should I refinance now or wait? My mortgage interest rate is 6.875?
Question : Should I refinance now or wait? My mortgage interest rate is 6.875?
I have a 30 year mortgage, with 15 years of interest only. This loan is 1 year old.
refinance mortgage interest rate
Best answer:
Answer by robert w
u got a scam mortgage .
refi fast . fixed rate only, no 80/20′s.
visit daveramsey.com to learn what the banks pray u never learn.
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#2 written by stan c 1 year ago
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#4 written by PFS rep 1 year ago
NO No no. Interest only is terrible. Refinance now. Fixed rate, simple interest, 30 year. Then accellerate with biweekly payments and pay off loan in 22 years or so.
The loan you have is bad, very bad.
Don’t go through your current lender. He/she took advantage of you last time. Don’t get taken again. You have the right to have documents examined before you sign them.
I have looked at docs for clients who had the bait and switch. They didn’t know what the real terms were until they had the pen in hand. At that point they had emotionally attached themselves to that home. They were buyers already.
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Do you mean that your payments are interest only for the first 15 years? Should you refinance all depends on what your plans are. For instance, how long do you plan on living in this home? How much is your loan amount? Since your loan is only 1 yr old, do you have any equity to refinance (i.e. did you put any money down when you bought this home?) Your decision to refinance should take a lot of things into consideration… not just the interest rate. Your rate is not bad and there are things that you can do to help yourself… all without refinancing and spending more money.