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Replies (7)
- frank1003
- Contributions:266
2 year ARM's are typically something people have out of necessity or have been shoved into to get them into a home they can't prove they can afford because of nowhere else to go, not out of intelligence or choice. Until your credit improves and you can re-fi your existing house into a traditional mortgage product (traditional ARM or traditional fixed) stop looking at additional properties. I'm seeing a trainwreck here. Go ahead, genius. Try to tell me that you're in a 2-year ARM because you wanted one and that your credit score is 815 and that you put 20% down and that I should stop judging you and that I'm a pompous ass. After all, what do I know.
- christyv_ling
- Contributions:18
Good point...frank. We were pushed into this 2 yr ARM because we got relocated by company to another state and we haven't sold our other house yet to get the funds to do 20% down. We didn't plan on being here for 2 years so there is still time even to get relocated. However, we are trying to judge when to do refi paperwork.
- frank1003
- Contributions:266
You're not in a good spot right now. You need to slow down or you'll get hurt. If you were relocated, haven't sold your old house yet, are in a 2-year ARM on the new one and want to buy another property.......SLOW DOWN. You're going 100 miles an hour to the top of the nearest high roof and will soon be contemplating leaping off if you don't slow down and prioritize.
- christyv_ling
- Contributions:18
No...u don't understand. At that time, two years ago, I was in that position but I've since sold the other house. This is the only property I have now. I'm trying to determin if it's that hard to refi...I'm in WA state so the real estate market is pretty stable...not like Cali. That's why I'm asking for advise...refi first or buy another in case I'm relocated and have to sell this one.
- frank1003
- Contributions:266
I've heard of people buying because they've been relocated, but never have I heard of someone buying because they MAY be relocated. How would you know where to buy? Do you have a crystal ball that says "I may be relocated to________, so I think I should buy a home there"? Possibly we're just both bad communicators, but I don't know what you're talking about.
- christyv_ling
- Contributions:18
You're right...bad communication. No matter what, we need a condo in Fresno, CA because we can rent it to relatives if it comes to that. But priority-wise, I'm guessing that refi the current house we are in right now and then buy later. Agree?
- frank1003
- Contributions:266
Absolutely.
Refi or buy
We have a 2yr/arm due this August 08 but thinking of purchasing a condo in CA. Great prices now...should we wait until after refi to purchase or purchase, then refi. Not finding too much lenders for condo because its not SFR. Area is Fresno County...want to hold it because have family in local area. Interested in Interest only or 15yr fixed.
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