Thread: Is anyone here-
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Old 03-21-2007, 05:40 AM   #19
Sub la Goon
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Being in the mortgage industry, I can say that right now there is generally a lot of angst and hand-wringing going on over interest rates, defaults, Sub-Prime risk, housing values, etc.

As a result, it's harder for people to be approved for Fixed Rate loans (unless your Credit Score is outstanding and you don't need money anyway).

Right now would be a good time to sit and wait and see where things go in the next several months. I hope your ARM loan isn't going to re-cast soon (potentially increasing your monthly payment substantially). My hope is that you can wait out the 2 year Prepay Penalty and the market will have calmed down.

In general, my best advice is to pay off as much Principal as you can and build that equity. Kind of a no-brainer, but hey... Also, do whatever you can to boost your credit score(s) to be in the best position to Refi at a good rate when the time is right. This includes things like having 3 credit cards that you USE and PAY OFF every month. Getting rid of them all or just not using them does not help. There are plenty of sources for more Credit Score (FICO) advice.

Good luck and stay the fiscally conservative course!
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Last edited by Sub la Goon : 03-21-2007 at 05:46 AM.
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