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Do I Need to Refinance?
Dear Dave, I have an 80/20 interest only, adjustable rate mortgage. The rate will adjust in seven years. Should I really pay into the 20 percent portion of the loan, and knock it out before it adjusts, or refinance with a fixed-rate loan? Beau Dear Beau, You’ve got one of the worst kinds of mortgages on the planet! If I were you, I’d go ahead and spend the money to refinance now. The current interest numbers on fixed-rate home loans are some of the friendliest we’ve ever had. I mean, it’s a pretty sweet world when you’re talking about financing a property at about six percent! After that, you’ll have no interest-only issues, no pre-payment issues – none of that garbage that can sneak up on you down the road. Do it, Beau. It’s an absolutely fabulous time to refinance a house! – Dave
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Today's date: March 21, 2010
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