Comments on: Should I get a fixed rate mortgage if I plan to remodel right away.

By: teran_realtor

teran_realtor — Tue, 30 Nov 1999 00:00:00 +0000

To answer that question, I need my crystal ball so I know what the interest rates will be in two years. OK. It says interest rates will be about 9.5% in 24 months, so get the fixed rate now as a precaution and probably end up staying with it. Values also will continue to drop for the next 5 to 8 years, so you will not be at 80% LTV then anyhow.

By: danna_bill@sbcglobal.net

danna_bill@sbcglobal.net — Tue, 30 Nov 1999 00:00:00 +0000

I am a firm believer in a fix rate mortgage

By: Judy

Judy — Tue, 30 Nov 1999 00:00:00 +0000

Don’t touch ARMS right now.
Interest rates WILL NEVER be lower again in your lifetime.
That means interest rates will go up.
Money magazine has stated that rates could double in just 5 years.

Anyone that thinks interest rates will go lower EVER is a fool and should be taken advantage of.
/

By: Andrew

Andrew — Tue, 30 Nov 1999 00:00:00 +0000

Fixed rate unless you have the capital to pay the increased ARM payment when real estate tanks again and your LTV is 120%. Real estate will not recover until employment does, so it really depends on where you live.

By: Joshua

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By: bbbbbbbbbbbb

bbbbbbbbbbbb — Tue, 30 Nov 1999 00:00:00 +0000

Speak to your lender about a FHA 203K loan. The 203K loan is sometimes refererred to as a “rehab loan”. With a 203K you can have the kitchen/bedroom remodel costs put into your initial loan. The rehab must have estimates up front and also must be done by an approved contractor.

The home must be able to be appraised at the completed price. For example:

Say the home is listed at $150,000 and has an old outdated kitchen and bathroom. Before making an offer you get estimates from an approved FHA203K contractor for remodeling the kitchen and bathroom. The estimates come in at $30,000.

An appraiser will then appraise the home as if the remodel has already been done. As long as the home appraises at $180,000 you will be able to get the loan.

A big advantage to doing it this way is you do not need to have that $30,000 in hand or need to borrow the money later at higher rates. The rehab is done right away so you do not have to live with the outdated kitchen/bathroom. Your monthly payment on the loan on 150K vs 180K should amount to around $180/month additional.

By: Avis

Avis — Tue, 30 Nov 1999 00:00:00 +0000

You can find the answer to this at http://www.freearticlesdb.com/finance/mortgage-debt-advice.html

By: Nabers

Nabers — Tue, 30 Nov 1999 00:00:00 +0000

Yes, fixed rate mortgage is always safer. You can discuss the things with your attorney for your mortgage related issues.

By: Marie Sullivan

Marie Sullivan — Tue, 30 Nov 1999 00:00:00 +0000

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Best of luck

By: Rick

Rick — Tue, 30 Nov 1999 00:00:00 +0000

Please go through this article I hope you will get suggestion from here
http://www.ptmortgage.com/blog/2009/10/07/how-do-you-know-if-this-is-the-right-time-to-refinance-your-mortgage/

This also can helpful to you
http://www.ptmortgage.com/blog/2009/08/06/how-do-you-choose-the-right-mortgage-lender/