Wednesday, 10 December 2008

refi

some of you may know that when I got out of my construction loan interest rates were high. I had to get out in a hurry or my interest rate would have been even crazier so I got into a stupid 3/1 interest only loan which has stressed me out.

I think I am going to refi now. My friend herb, who is a broker can get 5.25% right now. I know it is a really good rate, but I am just not sure. Mostly because of all the promises of even lower rates as part of a bailout.

So I am taking advice. If you have some. Do you think it is a good time to refi OR should I wait? One advantage is that I can then get a HELOC and finally get the basement finished and then start renting that puppy out. I want to refi before I take out the heloc because of debt to income ratio.

Anyway, thoughts?

If you want to talk to herb, let me know. I can send or post his info.

2 comments:

teabelly said...

also, because of a block at work, i had to post this from my berry. so, forgive all the typos. i will fix them tonight!

April said...

I say do it. We're getting our appraisal tomorrow so we can refinance. We've only been in our house a year, but the rate has dropped almost one whole percent so it's totally worth it IMO.