Posted on: 28th May, 2011 06:21 pm
hello folks,
i have a 30 yr fixed home mortgage loan for 4.75%, in this market is it a good idea to refinance this loan. my idea is to go with a 5 yr or 7 yr arm and save the money to pay towards the principal.
thank you
aries
i have a 30 yr fixed home mortgage loan for 4.75%, in this market is it a good idea to refinance this loan. my idea is to go with a 5 yr or 7 yr arm and save the money to pay towards the principal.
thank you
aries
Hi aries!
Welcome to forums!
Your mortgage interest rates are already quite low. Nevertheless, if you are getting a further low rate if you go for the ARM, then you can go for the option. But you should remember that you will be liable for closing costs if you go for a refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your mortgage interest rates are already quite low. Nevertheless, if you are getting a further low rate if you go for the ARM, then you can go for the option. But you should remember that you will be liable for closing costs if you go for a refinance.
Feel free to ask if you've further queries.
Sussane
If you plan on selling your home in 5 to 7 years, refinance.
If you plan to live in your current home for many years, keep what you have at 4.750%
If you plan to live in your current home for many years, keep what you have at 4.750%
