Voting Question: I'm buying a house with a 65% downpayment. With that much equity, does an interest-only loan make sense?

I've got one of those nasty balloon payment loans (or whatever they are called) on my home. I called the bank and the balloon (or the balance of the loan) is due December 2008. So obviously I need to refianance before next December. The good news is I have plenty of equity in my home and my credit is very good so I won't have a problem refinancing for a good rate on a 15 yr fixed loan. But at what point should I refinance? Should I just get off my duff and do it now or wait to see if the Fed will cut rates again? Thanks.

Resolved Question: Can I just go to bank and ask about refi or loan? Stuck in old debt?

We stacked up some bills mainly credit cards while my hubby was injured and are now barely making it by. All cards are nearly maxed and home equity loan is too. Paying 500 monthly in cc bills, total bal is 15,000!! I dont know what, if anything we could qualify for at bank to help repay. I would love to pay off cc and cancel them. Can I just go to the bank and lay it out for them? Is there anything we can do? Possibly get higher equity, took line of credit out in 05? Personal loan? or are we just up shit creek without a paddle? I dont want to embrass myself at the bank if there is nothing they can do. I have asked cc to lower there rates and they wont, well citi did but only on new purch, not the 32% on old!!! I'm intrested to hear others opinions on anyway to get out of the hole. We have better paying jobs now but are stuck in old debt!

Voting Question: I'm buying a house with a 65% downpayment. With that much equity, does an interest-only loan make sense?

I think I will have enough equity in the house for awhile. With the low monthly cost of an interest-only loan, I can put the savings into other investments, such as the stock market. Does this strategy make sense?

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