Monthly Archives: March 2007

Should I Refinance My Home or Go for an Equity Line of Credit?

Reply
refinance

I’ve owned my home for only two years.My interest is 8%. I want to pay off credit cards and do some home improvment. is it a excellent thought to look into an equity line of credit(if I have any) Should I refinance? Or should I find other way’s to pay off CC and do home improvments. I would really like to get my self out of this CC hole I’m in. I’m not sure if using my home would be a excellent thought..Possibly I should refinance? I’m really lost!! I want to make the right financial choice. Please help with any advice. BTW- were having another child in Febuary and I need to get rid of some mold in the basement bathroom, That’s why I need some money quick for home improvments.
Thank You

How Do People Where the Median Income Is $94k Manage to Get Mortgages When Med. Homes Prices Are $410k?

4
mortgages

I just don’t know how that math works out for places like California where the price of homes is SOO much higher than other places? How do people get mortgages? Are they 50 year mortgages or a touch to make the monthly payment controllable?? I just don’t get it, and when considering jobs in places like that…or DC….I just don’t see how people do it….??

Can a Mortgage Company Change My Interest from Fixed to Variable?

6
mortgage

My mortgage was recently sold to another company. With the first company I had a fixed rate but now apparently I have a variable rate as my mortgage just increased by $500. We didn’t receive any notification of this change or ID to sign . . . nothing. Just a notice last week that our mortgage payment went up due to an increased interest rate. Is this legal?
I double checked all of my red tape and everything states that I have a fixed rate mortgage. I guess I’ll be calling an attorney. Thanks.