Posted on: 29th Mar, 2011 09:20 am
I was trying to get a loan modification to our home equity line of credit, to lower the interest rate (currently fixed at 9.9). Modification did not go through, due to bad credit scores.
Someone suggested I try to switch to an adjustable rate to cut my current fixed rate in half. I am wondering what is the highest adjustable rates can go? I know they are currently holding pretty low, but are they ever likely to go higher than 9.9?
Just wondering if this is worth looking into. Perhaps they wouldn't switch it to an adjustable anyway, again due to bad credit scores?
Thanks-
Someone suggested I try to switch to an adjustable rate to cut my current fixed rate in half. I am wondering what is the highest adjustable rates can go? I know they are currently holding pretty low, but are they ever likely to go higher than 9.9?
Just wondering if this is worth looking into. Perhaps they wouldn't switch it to an adjustable anyway, again due to bad credit scores?
Thanks-
welcome torynn,
though the arm rates are going quite low, it is better to not go for it. the rates will increase when the market rates increase. at that time, it will become difficult for you to pay off the loan. moreover, as you've a bad credit, lenders will not be ready to refinance the loan.
though the arm rates are going quite low, it is better to not go for it. the rates will increase when the market rates increase. at that time, it will become difficult for you to pay off the loan. moreover, as you've a bad credit, lenders will not be ready to refinance the loan.
Your saying about procrastination sums up everything...........in addition to poor choices :(