question re mortgage
Question: Also, if I was capable of getting a mortgage, and just now refinancing >it down from 8.9 to 7% with such low income, then why on earth wouldn’t >I be able to get an equity loan or a mortgage later?
Answer: If your interest rate really is 8.9% right now, I would really look into refinancing if possible. Anytime you can cut that much percentage off your loan, it’s usually worth if it you’re not planning to move in a few years. I’d also see about paying a few points, and a downpayment to get the loan even lower, the rates I’ve seen on websites make it look like 6.5% or lower is possible. If you can get your payment cut down by 30-50%, and only use up some of your most liquid savings, it seems like a pretty good comprimise to me.
Good Luck.
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