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Well, I finally got word that the adjustable rate on my mortgage is adjusting as of the January payment. As expected they're sticking it to me and pushing it up the maximum allowed (1.5%) and that would jack up my payment by about $100 a month.
Ouch!
Fortunately my mortgage broker has already got me set up with a much nicer loan (with an interest rate that's almost half of the adjusted one). Right now the only substantial hoop to jump through will be getting my house to appraise for what I need in order to come in under the 80% loan to value ratio.
I think it could, but ultimately that's up to the guy appraising the house and the overall market. Property values have been going up but I'm not sure if that's enough. Fortunately I have done some substantial stuff to the house (with plans for lots more) and the appraiser is the same person who appraised it originally and he remembers it so he's willing to work with me to make sure I take care of any little things that can bump the value up if necessary.
Ouch!
Fortunately my mortgage broker has already got me set up with a much nicer loan (with an interest rate that's almost half of the adjusted one). Right now the only substantial hoop to jump through will be getting my house to appraise for what I need in order to come in under the 80% loan to value ratio.
I think it could, but ultimately that's up to the guy appraising the house and the overall market. Property values have been going up but I'm not sure if that's enough. Fortunately I have done some substantial stuff to the house (with plans for lots more) and the appraiser is the same person who appraised it originally and he remembers it so he's willing to work with me to make sure I take care of any little things that can bump the value up if necessary.
sleepy