Comments on: Lessons Learned from a Refinancing Experience

By: Chris

Chris — Wed, 14 Feb 2007 18:31:07 +0000

Miller,
I’d imagine that her lender at the time had a written notice of what the current rates were. I know that my in-laws had an ARM at one point. Actually it was worse than that, because it was an option ARM (which allowed for below term payments), which they unfortunately took advantage of (and their principle after only 8 months had gone UP by $1,000+).
I discussed with them the proper ways to use an ARM, all of which they didn’t fit into the true ARM profile (may decide not to live in the same house for too long, steady/quick increase in housing prices, etc.).
I just wonder what the original mortgage could have gone up to for the writer of the article (I know my in-laws was something like 13% or slightly less).

By: Millie

Millie — Mon, 12 Feb 2007 18:58:17 +0000

Not an attack, as I appreciate the posting of this article and the information contained on this website, but since the 3 day right to cancel is a federal mandated requirement on any mortgage loan on a primary residence, I had to discount the rest of the article because I felt the author did not know alot of what she was thereafter talking about. This is something that should have been explained at the closing, or at least the author/borrower educating themselves prior to the closing.

By: Amillionby40

Amillionby40 — Sun, 11 Feb 2007 20:03:04 +0000

Nice article. I know that there are a lot of people with ARMs and Interest only loans that will probably be refinancing soon. You had some great pointers. Thanks for sharing.

By: Miller

Miller — Fri, 09 Feb 2007 16:51:46 +0000

Great article. Melissa, you mentioned your old loan would jump from 6.625% to over 8%. How did you know this? Was this speculative or they told you this? I only ask because, not owning a house, I am interested in the interest rate trends… Are rates suddenly increasing (1.5% is a lot!) or was the increase for other reasons?