Hi, I am new here. I hate paying high interest rates.
I love our current mortgage.
We have a 7 year fixed Libor at 4.5%. It resets in April of 2011.
I belong to Penfed and now they have 30 year fixed loans for 6.0%.
So what do I do?
In 2004,
Our loan amount was 299K. Purchase price was 399K
We did qualify for 5.0% 30 year fixed but we were not sure we would live here that long.
Now we owe 296700K (paid extra principal)
FMV is around 420K low and maybe going lower due to RE market
We have 5K in 0% interest consumer debt all being paid off this year(including auto loan)
Credit scores are 725 low and 780 high
We make 90K combined income
We also have a rental and owe 180K on that mortgage is 6.0% 30 year fixed
I just hate paying higher interest but how can I tell if the rates will drop by 2011 or go up even higher?
Thanks in advance for any advice
I love our current mortgage.
We have a 7 year fixed Libor at 4.5%. It resets in April of 2011.
I belong to Penfed and now they have 30 year fixed loans for 6.0%.
So what do I do?
In 2004,
Our loan amount was 299K. Purchase price was 399K
We did qualify for 5.0% 30 year fixed but we were not sure we would live here that long.
Now we owe 296700K (paid extra principal)
FMV is around 420K low and maybe going lower due to RE market
We have 5K in 0% interest consumer debt all being paid off this year(including auto loan)
Credit scores are 725 low and 780 high
We make 90K combined income
We also have a rental and owe 180K on that mortgage is 6.0% 30 year fixed
I just hate paying higher interest but how can I tell if the rates will drop by 2011 or go up even higher?
Thanks in advance for any advice
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