Should I refi into a higher rate just to get a fixed mortgage payment?
by Mortgage Rates on Friday, September 24th, 2010 | 2 Comments
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The second mortgage which is based on interest only will adjust once the prime rate increases. This has been a huge topic, but experts don’t believe that this will be increasing until the first quarter of 2009.
What you should consider is to pay more per month on this particular loan. Keep in mind, that there is a slight tax benefit for a 2nd mortgage. So if you have outstanding credit card debt, then you should concentrate on that first.
Just my opinion though
In one hand- you will be better off with fixed rate, but if you already struggling with your payments, higher payments will put you in not so good position. Why don’t you shop around and see if your lender offer you the best rate?