Jumbo Mortgage Market My Mortgage. What's The Smartest Thing To Do?

My Mortgage. What's the smartest thing to do? - jumbo mortgage market

OK, first a little history ...

I have 8 years to get my interest for 10 years, the only period ends in 2016. (The details of the loan: 0 is set down. I'm paying 6.5% and 5.5% on my 80/20, respectively).

However, in 2011, the speed is adjustable (CH 2% of the annual adjustment. 5% of the first adaptation of the CAP). We do not plan to sell more than 8 years anyway, the plan, and from California.

When interest rates rose by 2% or 3%, still comfortably the payment could come in 2011, because they have not begun to enter into

We live a few miles from the beach in a beautiful area that has 10-15% in the last 2 years is reduced. I have almost exactly the same as at home, that you paid for it. (The prices are a little bought, after I too in the area and came back to the last 12 months). We save money now into a second room add bedroom in early 2010, when prices are still reasonable, and we do not need to save up the money to use offset the higher payments.

I am not in a position to start today to 5%, 10Jumbo Loan% to 20% up to $ 700K + refinance, what should I do in this market. And interest rates on jumbo loans are much higher than the 6.5% that I have today. Not sure if I needed it anyway, because I do not intend, in this house 10 + years.

Any tips? Suggestions on what the best thing would be done?

Sit smart, except from what I can and not to the refinancing of stress at the moment?

Or is there something smarter to do?