Should I refinance my home in this situation?
We bought the house a year ago and the APR is currently 6.75 (30 years fixed). We owe everything $ 172,000 (excluding equity line of housing, 21K). I was looking at Quicken Loans and found the tone of ways to save money using your calculator. Things like "Smart Choice 5-year" and arms. Should bite? Not being in the house over 5 years from now. The house is worth about $ 220K and should not be a problem resale. It's in a nice area, new.
Stay away from my arm! So we are having this dam forclosure crisis. The arm sounds great, but this does not guarantee you to ensure you are away from home. My husbadn and I was lucky for the first time in our lives and we bought a house in a mortgage of 30 years 5%. Most people in the neighborhood was not 1 year and five year because his arms were in the range of 3-4% at the time and now that he regrets that great moment. I live in Raleigh, North Carolina and supposedly have the best real estate market at this time, however, this house has been sitting on the market for 1 more year. There are tons of houses in my neighborhood for sale b / c the rate was sky high on them and cannot afford. Three homes have been forclosed. At the end is your descion, but I would steer clear. Good Luck Robert!
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