Time to Re-Fi our Arm for debt consolidation?
Date: Sun, 08/06/2006 - 07:53
I'm a little confused. We took out an ARM last year and got a crappy rate (9%) because of some cleanup we had to do on our credit report. So they said after a year, and solid payments, we could re-fi for a better rate.
Should I do it? Do we just take out what we owe now or more? We did it I think as a home equity loan. We're slowly climbing out of debt. Thanks to some online marketing, I've earned and paid off $5000 in the last 2 months (above and beyond his income and my writing income), so I don't know if I should take out the maximum (do I have to?) or just take out what we owe...and should we wait until next year when the ARM can rise or do it now after 1 yr?
Sorry so many questions...this was our first big loan.
tiff :)
Should I do it? Do we just take out what we owe now or more? We did it I think as a home equity loan. We're slowly climbing out of debt. Thanks to some online marketing, I've earned and paid off $5000 in the last 2 months (above and beyond his income and my writing income), so I don't know if I should take out the maximum (do I have to?) or just take out what we owe...and should we wait until next year when the ARM can rise or do it now after 1 yr?
Sorry so many questions...this was our first big loan.
tiff :)
Welcome to Debt CC! A counselor will contact you to discuss all
Welcome to Debt CC! A counselor will contact you to discuss all of your inquiries.
Peace,
Polly
