We have to refinance our house in April ’08, so I’ve been trying to prepare for that. Got the truck paid off, and plan on having the credit cards and a student loan paid down prior to then so they’ll reflect a minimal balance.
This is our first house, and we had to go with a “subprime” 100% loan with the ARM after 3 years. We have no problems making the payments, and I figure with the interest rates going up, the payment for a fixed rate loan will probably be about the same. So….what I’m asking I guess, what else do I need to do to prepare? I’ve heard different things, like refinancing is much easier, but times are changing. Is there a certain amount of money we need to have in the bank? Like so many months worth of payments? Anything else?
Not sure if this was the right category, didn’t see anything for mortgages/loans, and thanks for your help!
6 month interest prepayment penalty….
Yes to all those questions, so hopefully that’ll help.
We went through a broker, no offense to any of you brokers out there, but he was a sh*t bag lol. We were kind of in a time crunch and had to take what we could get quickly. He tried screwing us by adding extra fees at closing. We told him to basically stick it where the sun don’t shine 🙂 We got a reimbursement check from him…