| RE:Real estate question... |
Subject: RE:Real estate question... by BillH on 2008/2/9 16:57:27 Does your 8.5% have a prepayment penalty? If not I'd get rid of that loan asap. If there's any to roll the 2 mortgages into one fixed, I'd do it sooner rather than later. Who knows what the interest level's going to be in 4 years. And right now there's a lot of programs out there to get people out of adjustables and into fixed loans. These programs will probably continue thru the slump which is going to be at least thru this year. You can always play around with quotes on something like eloan.com. And I haven't looked into it but, I though I heard that FHA was doing something like this or it's in the current bill that congress is looking at. If you get everything into one loan and then start making extra payments on the principal, like Andy said it'll add up quickly. There's websites out there that have calculators that show ammortization for a fixed rate loan and then allow you to calculate the savings by adding $100, whatever, per month to the principal. |
