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Originally Posted by ZbornacSVT @ Mar. 19 2008, 6:34 PM I am in the middle of doing a cash out now. Â*A drop in the Fed generally raises the mtg rates I was offered 6% at the end of the day today, but I am still holding out.
When the full point Fed drop was rumored yesterday, my offer went from 5.875% to 6.25% just like that. Â*From what I have heard, some stuff is happening at the white house level to help us refi guys out.... |
There are some programs to bail out people in arms under discussion. I am in one myself and have seen an increase of $500 a month on my house. I hate to say it, but I knew I was taking the risk when I got into my loan and It is my fault for taking a risky loan. The Gov. bailing us out is only going to hurt is in the long run. They need to get the economy straightened out first. If you can get a 30 year fix or an arm with an adjustment cap (while the arm is low enough to make it worth it), you are better off. Do something quick. If you wait you are going to see a huge increase in rates.