I posted this in the CH 13 and thought I'd move it out here for some opinions??
Long time lurker, first time poster. DO NOT roll your eyes while reading.
I am 10 months from being done with my 5 yr plan and its been a long road.
I have a mortgage lender who can get me approved for a fixed rate mtg of 5.375%. FHA, no money down. I am currently in an ARM (wasnt that 13.75% rate fun in 07/08!)
Should I go for it? The IFs are what kind of interest rate will be going on a year from now when i discharge out normally, will my property value gutter due to more foreclosures in my neighborhood? Will the appraisal laws change in April making it tough to "cover" the loan? do i want to pay interest on this debt? My equity just barely covers this loan by the way...
I want to just ride it out and finish what i've started but if the rates go up to 8% I will KICK myself!
My attorney acts like i know what i'm doing and agrees with whatever i say.
I'm old law...
Thoughts? Feelings?
Long time lurker, first time poster. DO NOT roll your eyes while reading.
I am 10 months from being done with my 5 yr plan and its been a long road.
I have a mortgage lender who can get me approved for a fixed rate mtg of 5.375%. FHA, no money down. I am currently in an ARM (wasnt that 13.75% rate fun in 07/08!)
Should I go for it? The IFs are what kind of interest rate will be going on a year from now when i discharge out normally, will my property value gutter due to more foreclosures in my neighborhood? Will the appraisal laws change in April making it tough to "cover" the loan? do i want to pay interest on this debt? My equity just barely covers this loan by the way...
I want to just ride it out and finish what i've started but if the rates go up to 8% I will KICK myself!
My attorney acts like i know what i'm doing and agrees with whatever i say.
I'm old law...
Thoughts? Feelings?
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