Callaway,
what should i know about refinancing my home.
all i am looking for is the best and least expensive way of lowering my interest rate to a fixed loan.
Do you currently have an adjustable rate loan?
Do you have good credit?
What term do you want to pay the loan back? 30, 20, or 15 years?
The important things to look for are the effective interest rates, which will be given as APR's and also the company you will be doing business with.
yeah, ours is adjustable. it was fixed at 5 1/2 but when i got very ill two years ago we needed money quick, so we refinanced. it isn't a horrible loan, but i am worried about it's future.
my credit is so so. i have this one credit card that i stopped paying. when i got sick we put all credit on a ardship case. citi-bank (used to be sears) termes were that we would pay zero interest and zero late fees if we wrote them six checks for a certain dollar amount. then they would take that amount deposit each check each month.
funny, they kept dipositing the checks, but they were still charging us interest and late fees, and even at the end of the six months they were charging us over the limit fees as well, thatnks to all these other charges.
i kept trying to work it out with them, and they kept telling me it was fixed. but each month i would have to call them again.
anyways, at the end of the six months, i told them that i was not going to pay them one more cent until they fixed all the eroneous charges and they sent me a breakdown of all charges against the card for twelve months.
needless to say they never did.
so i quit paying them. now they sold it to someone else, and i still refuse to pay because i feel that citi bank defrauded me, and they sold a bogus debt to a collection agency.
sorry about that long story.
30 years would be fine. i feel that we can plop down an extra couple of payments per year, in about two years. which would probably cut the term down by about a third, anyways.
