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Hello,
I just hit a year with my first mortgage at Countrywide. They've come
to me offering an 80/20 3 year ARM.
My current loan with them is a 2 year ARM with a rate of 9.6% (yes high
because it was a 100% and my credit was an issue) with a pre-pay. But I
was planning of refying out of that before the 2 year mark. My payments
are 1260/mo.
I also have about 20K credit cards debt. whicu I would like to get rid of.
Anyway, now they offer me this:
$165000 Loan Amount 80%-- $132,000@6.50% 20%-- $33,000@10.125%
$1126.98 Loan payment
3 year fixed
$1126.98 (new payment)
I am not sure if the 3 year fixed is only for the 80 part of it, I've
to find that out.
Anyway, would this be beneficial for me to roll in the credit card debt
into this? Would I stabnd to save some real $$ doing this or is it bad
in the long run? I am not sure.
By the way, I plan to stay where I am at between 7 and 10 years.
Thanks for any advice,
--TWM
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80/20...right way to go??
