Choosing the Right Iowa Mortgage Refinance After Bankruptcy
Beware of Adjustable Rate Mortgage Refinances
Teaser rates can make it very tempting to take an adjustable rate mortgage refinance. The problem is that these rates only last for so long. As average interest rates rise, so do your mortgage interest rates. As a result, your mortgage payment can easily get out of control.
Right now, interest rates on 3/1 ARM refinance loans average 5.26 percent in Iowa. In comparison, fixed rate Iowa refinance loans are averaging a rate of 5.59 percent. While you may be paying a higher rate with a bankruptcy on your record no matter which loan you go with, the point is that there isn't much initial difference between the two rates. This makes going with an ARM almost not worth the risk at this point in time.
Think Carefully About Cash-Out Refinancing
Getting an Iowa cash-out refinance after bankruptcy can be a great way to consolidate debts, get a bankruptcy buyout, pay college tuition, or make home improvements. There's only one catch-you have to pay back every penny you borrow with interest.
If your Iowa refinance lender brings up the subject of getting cash back at closing, think long and hard before agreeing to the idea. It is crucial that you be able to pay the monthly mortgage payments each month. Keep in mind that if you get a cash-out refinance, your payments will probably be higher than the payments you make now.
Related Tags: bankruptcy, mortgage refinance, iowa
Visit Illinois Lending Center to see our Recommended After Bankruptcy Mortgage Refinance Lenders Servicing Illinois, whether you are looking for home purchase, refinance or a home equity loan.
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