| throatwobblermangrove@comcast.net 2005-08-10, 10:21 pm |
| Hello,
I just hit a year with my first mortgage at Countrywide. They've come
to me offering an 80/20 3 year ARM.
My current loan with them is a 2 year ARM with a rate of 9.6% (yes high
because it was a 100% and my credit was an issue) with a pre-pay. But I
was planning of refying out of that before the 2 year mark. My payments
are 1260/mo.
I also have about 20K credit cards debt. whicu I'd like to get rid of.
Anyway, now they offer me this:
$165000 Loan Amount 80%-- $132,000@6.50% 20%-- $33,000@10.125%
$1126.98 Loan payment
3 year fixed
$1126.98 (new payment)
I'm not sure if the 3 year fixed is only for the 80 part of it, I have
to find that out.
Anyway, would this be beneficial for me to roll in the credit card debt
into this? Would I stabnd to save some real $$ doing this or is it bad
in the long run? I'm not sure.
By the way, I plan to stay where I'm at between 7 and 10 years.
Thanks for any advice,
--TWM
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