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How should I alter my home loan given the current interest rate cut?

asked:

I would appreciate some advice as to how I should alter my home loan. I am currently struggling with the home loan payments I am currently on.
I have a mortgage of $ 658000 at an interest rate of 7%, variable rate.
Should I be changing part of the loan to fixed rate given the current interest rate cut scenario ?
Asked on: 2012-11-19 02:27:40

2 Comments

  1. yahoo user says:

    Change it all to 3.75% for 30yrs or 4% if you miss the lower RATE.
    DO IT NOW A.S.A.P.

  2. T money says:

    You’ll have to consider the cash money needed to close on the re-fi. …. how ever much that is ? a couple thousand? Not sure.

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