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?
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???
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