I am a first time homeowner and my primary homeloan is an Interest-Only 5/6 LIBOR ARM. It was explained to me
by both my real estate agent and the mortgage guy as a wise thing to do given that the Atlanta housing market
is ‘always strong’ and if you think you ‘might move within 5-7 years’. There was (and still is) a chance I may
need to move within that timeframe and it’s true Atlanta has been a hot market for quite some time(until now). So I decided
to go with it eventhough I wasn’t quite comfortable with the idea, but I wrote that off to first time home buying jitters and trusted the ‘experts’ I had.

So, I am wondering if you have this type of loan, what is the best way to protect yourself? Should I refinance to a 30 or 15 yr fixed rate? And if so, is it a situation of the sooner, the better or should I hang on until I near the end of the 5 year period? I am 2 years into my 5/6, so I have time before it begins its potential jump. My job is stable.

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I have a 30 year fix mortgage at 5.875 rate. I understand this is a good rate and I am grateful that we have a low rate. However there has been much talk over the last few days that the fed may try to push long term mortgage rates to below 5%. I very much like my bank so I don’t want to refianance. Is it possible that my bank would lower my rate if rates got below 5% if I asked. Or would I have to go through a whole refiance process. If anyone knows your info will be appreciated. by the way my bank is wells fargo.

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I have a mortgage, fixed rate for 5 years but want to move house. If you stop your mortage before that period you suffer an early repayment fine of about £2,000.

Does anyone know if they would still fine you if you used the same bank for your next property, like transfered the deal, especially if you had good reason to move such as living in a bad area.

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Iive in ca and my house is about 200k underwater. i want to try short selling it if possible but how do i make sure that i get the cancellation of debt AND don’t get taxed in the end? my last option will be foreclosure or bankruptcy but not sure if i would even qualify considering i still have an income. my only hardship is accumulation of debt. my only hope is if i get principal reduction on my mortgage but i heard that this would be very impossible.

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