the nikster
Well-known member
Question about refinancing my home.
Finally getting too scared to enjoy my ARM any longer. My wife and I have settled on a loan with a decent rate. Our house has been appraised (by the bank)and taxed (by the county) at double my current loan value. We would like to take out some equity and pay off higher interest debt. The loan officer says this will increase the interest rate.
My question is: Is this common? I thought if I borrowed more the interest might go down.
Finally getting too scared to enjoy my ARM any longer. My wife and I have settled on a loan with a decent rate. Our house has been appraised (by the bank)and taxed (by the county) at double my current loan value. We would like to take out some equity and pay off higher interest debt. The loan officer says this will increase the interest rate.
My question is: Is this common? I thought if I borrowed more the interest might go down.