Financing Decision

NEW -> Contingent Buyer Assistance Program
Almon,





The difference in a refi and purchase rate, is about .25% to .50% higher for the refi. So, if you got a 6.875% rate today, in the future rates would have to be down around 6.375% for it to make sense. Just judging by what you have said here, I would really recommend a 30 year fixed. The overall cost isn't that much for a hedge.





BethN,





The reason why I/O loans hurt your credit score, is the balance doesn't go down, if you don't pay any principal. So, the older it gets, the worse it looks to the credit bureaus. It looks like you can't pay your debt, and are utilizing the majority of it.
 
now we're working with a bank and a credit union separately to get the lowest rate. i'm asking for the following:


1) 30yr fixed conforming for 417,000, plus


2) 7yr IO or 5yr IO for 200,000 (if you're wondering why an IO for the 2nd, it's because of its lower rate and we think we can pay it off in 3 yrs before refix)





special thanks to lendingmaestro...





the credit union person is telling us the IO market for 2nd loans disappeared after the subprime meltdown and no one is extending IOs for 2nds; and the bank person is pushing us toward an IO jumbo instead. ummm...not good...
 
no can do, troop...my 47 kids are breaking down our house now. if i don't do something, my wife is gonna suffer a nervous breakdown





thanks for watching out for me though...





i changed my work greeting today, "specializing in purchase of depreciating assets"...
 
<p>This calls for an intervention. </p>

<p>Rent the wife and kids a big, beautiful house from some FB. Promise her a trip and diamonds...you'll come out in the positive, I promise. </p>
 
<p>Yeah, but you didn't flash the rock ! C'mon....drastic times call for drastic measures ! ; Get your game face on ! </p>

<p>


</p>

<center><a href="http://www.diamondsonweb.com/diamond/searchform.mhtml"><img alt="Loose Diamonds" width="225" border="0" src="http://www.diamondsonweb.com/images/diamond/3_loose_dmnds.jpg" /></a></center>
 
heh heh troop, stop borrowing from the evidence room!





you mean i have to actually buy the rock, not just promise her one, eh? sounds like i lose either way
 
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