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Should I refinance my ARM into a fixed rate mortgage now or wait? My answer: Currently (April of 2008), the 30 year fixed par rate, the rate a good shopper could get, is around 5.75%. This is a good rate to fix in for the long haul. Given our current administration likes the dollar at all-time lows, sooner rather than later, rates will have to.
Dear Dr. Don, Does it make sense to refinance into a fixed-rate mortgage from an adjustable-rate mortgage? My current home loan has 20 years remaining. I’m being urged to go back to a 30-year fixed-rate loan and pay down $36,000 in debt with a cash-out refinancing.
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Should I refinance my adjustable rate mortgage into a fixed-rate loan? Refinancing your ARM now could increase your interest rate. Q: I owe more on my mortgage than what my house is worth. And, unfortunately, my loan isn’t owned by Freddie Mac or Fannie Mae, and it is an adjustable rate mortgage.
Tap into your equity – with a cash-out refinance, you can use the available equity in your home to pay for home improvement projects or pay off high-interest loans or credit cards.; Take advantage of lower rates – if you get a lower interest rate, your monthly payment may go down and free up cash you can use to meet other financial goals.
The other option is to refinance into a new adjustable-rate mortgage. The main benefit of this approach is that interest rates for ARMs are typically lower than rates for fixed-rate mortgages. While the average interest rate for a 30-year fixed rate mortgage currently sits at 4.58%, the average rate for a 5/1 ARM is only 3.74%.
Should I refinance my mortgage? Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you.
One of the main reasons borrowers refinance from an ARM to a fixed-rate mortgage is to hedge against future rate increases, since rising monthly payments could break your budget and even put your homeownership in jeopardy.
Should I Refinance My ARM to a Fixed Rate Mortgage? Lenders offer adjustable rate mortgages (ARMs) at lower starting interest rates than comparable fixed rate mortgages in return for the borrower taking on more risk.They come in many flavors.
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