3 year ARM and HELOC?
Answer:
The rates are rising & so will your ARM..not to worry! You can either refi your ARM & go into an Interest Only for about 5 years or you can try to get into a Fixed. I just got my last client into a 6.75% fixed rate for 30 years. He didnt have perfect credit & his LTV was borderline.
You can leave your HELOC if you want, that way you can have that as a back up (in case you need funds). It would also be easier to pay off the HELOC once you've got an Interest Only or Fixed.
In my opinion.I'd get out of the ARM asap.
When your ARM changes you are in for a big surprise. Mine went up 3%. That is a big jump in payment. You should into a refi, BUT, rates are much higher than 5% right now.
You shouldn't have gotten the ARM to begin with. Let me guess your income is 70K. LOL thanks for raising rates for everyone else when you cant pay back what you borrowed.
30 fixed 5.25% 0 points. Try that next time, or living / working within your means not an option.
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