http://www.bargaineering.com/articles/dont-refinance-arms-in-the-short-term.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 23:30:41 +0000 hourly 1 http://www.bargaineering.com/articles/dont-refinance-arms-in-the-short-term.html/comment-page-1#comment-352752 Bj Mon, 30 Aug 2010 14:58:09 +0000 http://www.bargaineering.com/articles/dont-refinance-arms-in-the-short-term.html#comment-352752 How about if your ARM is the opposite of the above, where your interest rate is high? It's a long story but we bought a house unexpectadly. My fiance had terrible credit, I had great credit but had a lot of debt. At that time, with the advice given (not nec the best)we went with an ARM at 8.5%. that's nuts I know but our plan was to get his credit in order, lower my debt & then refinance in 3-4 yrs. Well here it is and we are stuck. Although our home appraises at more then we paid, it doesn't meet some % criteria needed to refinance & get a lower rate. We also have been trying to refinance thru the Making HOmes Affordable Program with SPS to no avail. (these guys are a joke! I have completed extensive paperwork, in minute detail & they continue to say they don't have it or didn't get it etc etc etc) We would like to hang on to this home for another 5-10 yrs (I'm 55). What should we do? How about if your ARM is the opposite of the above, where your interest rate is high? It’s a long story but we bought a house unexpectadly. My fiance had terrible credit, I had great credit but had a lot of debt. At that time, with the advice given (not nec the best)we went with an ARM at 8.5%. that’s nuts I know but our plan was to get his credit in order, lower my debt & then refinance in 3-4 yrs. Well here it is and we are stuck. Although our home appraises at more then we paid, it doesn’t meet some % criteria needed to refinance & get a lower rate. We also have been trying to refinance thru the Making HOmes Affordable Program with SPS to no avail. (these guys are a joke! I have completed extensive paperwork, in minute detail & they continue to say they don’t have it or didn’t get it etc etc etc) We would like to hang on to this home for another 5-10 yrs (I’m 55). What should we do?

]]> http://www.bargaineering.com/articles/dont-refinance-arms-in-the-short-term.html/comment-page-1#comment-17021 Scott Thu, 24 Aug 2006 13:53:53 +0000 http://www.bargaineering.com/articles/dont-refinance-arms-in-the-short-term.html#comment-17021 Excellent point. Thank you. Excellent point. Thank you.

]]>