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05.22.08, 12:16 PM General Topics
9 replies
what's worse/riskier a 7 yr ARM or a floating HELOC? [ Reply | Watch | Flag ]
General Topics 05.22.08, 12:16 PM Flag
 

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depends on when you think you'd sell the house [ Reply | More ]
General Topics 05.22.08, 12:17 PM Flag
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how much of a loan amt? [ Reply | More ]
General Topics 05.22.08, 12:18 PM Flag
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loan amount on ARM = 300k; loan amount on HELOC is $15k w/ fixed mort of $315k [ Reply | More ]
General Topics 05.22.08, 12:22 PM Flag
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the heloc of $15 k you should pay off in the first few years while teh rate is low- anything you send additional to interest only pymt drops balance and drops minimum payment. The arm is better for the long term. [ Reply | More ]
General Topics 05.22.08, 12:24 PM Flag
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better off doing a n interest first fixed rate mtg- interest only first ten years then principle and interest the following 20- it keep s payments low for the time being, and if you decide to sell or keep the house at the end of that term, you still know what you are getting. [ Reply | More ]
General Topics 05.22.08, 12:20 PM Flag
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does either one have a cap? [ Reply | More ]
General Topics 05.22.08, 12:21 PM Flag
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i don't know about the ARM, but I can pay 1/4 pt to cap the HELOC & fixed rate mort. for 90 days & get that back at closing. [ Reply | More ]
General Topics 05.22.08, 12:31 PM Flag
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dont cap the heloc, just pay it down yourself as much as you can, and by the way, the govt sets a max cap at 18% anyway, on $15,000 at the worst case scenario you are talking 225 a month interest only pymt at 18%. Just be strict and get rid of it Asap. [ Reply | More ]
General Topics 05.22.08, 12:32 PM Flag
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what bank is that with? [ Reply | More ]
General Topics 05.22.08, 12:34 PM Flag
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