mortgage rates from bankrate

#'s for Charlotte from Bankrate.com

15-year at 4.86
30-year at 5.6
30-year interest only at 5.7
30-year jumbo at 6.25
30-year jumbo i/o at 6.37

Seems like interest-only isn't bad - basically the same interest rate. Going jumbo sucks. Anyone want to take a guess on how these will shake out over the next 6 months? Looks like the relief bill is adjusting FHAA loan limits much higher for the year, any chance that might lower jumbo loan rates?

 

Is that a true 30 year IO, or is it adjustable after 5 or 7 years?

 

I think it's true.

I'm in year 3 of a 10 year jumbo int only, after 10 years it adjusts and basically becomes a 20 year loan that adjusts, which means I will no longer have that mortgage. Rate is 5.125.

Mark - i dunno about Jumbos going down. It seems llike the loan amount for jumbos will go up before the rate will go down. Jumbo in 2000 was like $276k i think.

 

that was a true 30 year. The 1,3,5,7 or whatever ARMs are different.

 

Jumbo now is like $420k or so. I'd love to see it hit $500k, then I can do my tear down and build new and keep the mortgage in the normal range without killing my investment portfolio... After all, it's all about relieving ME.

 

[FONT=&quot]Hello everyone, my boyfriend and I are working hard. And just recently fell a little behind. I would like to take out a personal loan for about $2,000. But our credit isn't so good. I would appreciate any input or help that someone would like to offer. Where can I get a personal loan with not so good credit? Thank you very much in advance.[/FONT]

 

Ashlee, I just got through the process of getting consumer debt free. I would not go farther into debt if you are already behind. You are looking for a short-term fix but with your bad credit, it will bring long-term pain. You will get terrible rates on a personal loan if your credit is bad and while it may solve today's issue, it will make tomorrow's issues worse.

Here's my recommendation: Get on a written budget where every dollar is already spent before the month starts and live on it (in fact, you and your boyfriend should sign it as a promise to each other). No trips to Target, Lowe's, etc. unless it is in the budget when the month starts. Make sure you cover your food, utilities, rent/mortgage, and car payments/gas. If you have those covered, you can survive another month. Do not pay Mastercard before food. Don't starve for them suckers. Once you have those covered, you then start working a debt snowball. Try to make the minimums on all your debts. If you can make the minimums, take all extra money you have and put it towards your smallest debt and knock that one out. Then take that payment and add it to the payment you are making on your second smallest debt. As you knock out debts, the snowball will pick up steam and you will start getting rid of these suckers.

For a better short-term fix than a high interest personal loan, have a yard sale. Pick up a second job (delivering pizzas, being a server at a restaurant, etc.) at night or on the weekends. Sell your car and buy a $1,000-2,000 car that will get you through the next year or so while you clean up the rest of the mess.

My wife and I followed this guy's plan to get debt free and it worked for us. Go rent his book from a library and read it. It's a quick and easy read and should get you fired up to get out of debt.

http://www.daveramsey.com/