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Hi,
Can any suggest to me what I should do?
I have only just recently last 12 months accumulated my 1st real investment property which is rented out at the morgage repayment cost. But since purchasing this house I have lost my job, and struggled through for a few months living at my primary place of residance before deciding to rent it out (below the morgage repayment costs by $50 per wk) and move back in with my mum. I am struggling to find work and keep up to date with living (although its cheaper).
It has crossed my mind to refinance again (I have already done this when I bought the investment house last Nov), and fix the interest rates – but I’m not sure if this is the correct thing to do. Both my houses are now on interest only loans, to help keep repayments cheaper.
My other question is that I’m not even sure if a bank would look at refinancing my loans to a fixed interest rate seeing as I am only on a sole parents pension.Any ideas as to what would be the best way to go about this would be appreciated. I would naturally prefer not to sell either of my properties, although the dearer one has been on the market, but I’m not really interested in selling.[confused2]
Thanks
Marg[blink]
