Wednesday, December 23, 2009

Interest Only Vs Fixed I Need Someone Advice On Refinancing To A 30 Year Fixed Vs. Refinancing To A 10 Year Interest Only???

I need someone advice on refinancing to a 30 year fixed vs. refinancing to a 10 year interest only??? - interest only vs fixed

Facts:
I think selling the house within 2 years.
I have a lot of equity in the house.
I have the chance to 5.25% on the payment of 2.5 points (apprx. $ 11,000), or 5.75 per pay 0 points.
I could go with INT 10 years. and save only about $ 600.00 per month (which had problems. The use of $ 300. per month to pay principle - if I went).
Closing costs are approximately $ 2,500. to go with my previous lender - very quick and easy (without documentation or feedback -) no problems.
I am very Leary of INT. Loans, but I only have plans to relocate within the next two years. I'm going to buy and sell than ever before, the market, when it is weak, I would think low if you buy more, more, etc ... want?
I fear that bad go look int my credit card into one. but at the same time, if the market value decreases, why I do not see priniciple'm pay for sales in the next two years? If the mortgage lender to look down on me for Int. NXT only loans?

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