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Would now be a good time to covert a $157,000 Heloc interest only loan,into a fixed 1st Morgage?

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May 16 2009 - Mesa
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It all depends on your equity position and the current interest rate on your HELOC.  I recommend acquiring a lender who you feel comfortable with, identifiying a payment that fits your budget and the interest rate associated with it then have the lender monitor the market until the rate is available and lock it. 

Since no one knows where the bottom is(you only know AFTER it happens) I think this would be the best strategy for your scenario.  Hope this helps.Al
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May 17 2009
I would say no because the economy is showing no signs of improving. The Big Three auto makers are going BK and shutting down 1000's of shops. It's only going to get worse. Just wait another 6 months and then see.
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May 16 2009
Without more information I would say yes if you will be at 80% loan to value or less. Over 80% you would need mortgage insurance.

If your Heloc was for purchase money that's the reason you got it then. If it was for any other reason you will have additional fees when refinancing. .... Best wishes, Rudi
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May 16 2009
Depends a whole lot on the terms of the current mortgage. Depends a whole lot on how long you will live there. And it depends on what rates do in the future. It's a crap shoot

I love the "should I refi" questions. . The only certainty, in any refi calculations, is the cash flow difference, on two fixed rate loans. Essentially, EVERY other thing depends on interest rate risk. It is unpredictable, literally, not just figuratively. Not hard to predict, but UNpredictable.

You will have to give more info, for the experts to make assumptions of themselves.
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May 16 2009
 
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Would now be a good time to covert a $157,000 Heloc interest only loan,into a fixed 1st Morgage?
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