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re: Home refinance Arm Vs Fixed
Posted on 4/21/18 at 10:09 am to Dotherightthing
Posted on 4/21/18 at 10:09 am to Dotherightthing
quote:
Currently have ARM 7-1 rate at 4.125 over thirty years with change date in 2022.
Was contacted to refinance and offered a 30 year fixed at current rate of 4.625% this would lower note around 215 including getting rid of pmi.
Lock it in. I'm not saying rates will never bottom out again, but it isn't likely in the near term. By the time you have to wrestle with this decision again, a 30-year could be considerably higher. I do feel like you might be able to do better than 4.625%, though.
1
Posted on 4/21/18 at 3:33 pm to S1C EM
The minimal closing cost is enticing to lock it in but the ARM doesn’t expire to 2022. My only thought would be to knock out some debt increase credit score and go for better rate than 4.625.
I have gone back and forth on this.
I have gone back and forth on this.
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