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Lender rating
Since January 2009
Lender rating
Since January 2009
Lender rating
Since January 2009
Lender rating
Since January 2009
Lender rating
Since January 2009
IF you can, I would refi and get out of the risky ARM and totally agree with Andrew...
Lender rating
Since January 2009
I would suggest getting some quotes and see what the break even point would be and compare it to how long you plan on being in the home.
Good Luck!!
JHMN,
Yes, you should get out of the ARM NOW while fixed rates are at historically low levels. Your plans could change leaving you in the house beyond the 4 - 5 years currently anticipated. Clay gave you a great recommendation below. I suggest you follow through with her as she's one of the best on Zillow.
Jason,
When you throw out a rate "4.5%" and don't elaborate, the implied message is "with no points"...that's what got AA and Bob ticked. That plus the fact that these boards are for consumer advice, not soliciting. If your advice is solid, the OP can always contact you for additional info.
Imagine how these boeards would look if everyone answering a question said "hey call me" "free advice" "4.5%" "no mention of fees"... would start looking like a brothel
No matter who you choose, the answer is likely the same: YES.
You should be looking to refinance. Unless you think rates will be significantly lower 2 years from now than they are today, you should be looking to refinance.
Lender rating
Since February 2009
Lender rating
Since January 2009
Lender rating
Since January 2009
Jason,
How can someone be a mortgage banker when they don't work for a bank?
4.5% current rate...BS..only way you are getting to 4.5% is buying down the rate! If that is what you meant say it, don't make things seem better than they really are!
Rates 2 years from know will likely be much higher than they are today. I personally think anyone that is in an ARM that will be adjusting and intends to remain in the home for more than 2 years will regret not taking advantage of the current rate enviornment. ARMs are great right now as they are adjusting down...that will not continue to be the case!
Lender rating
Since January 2009
Lender rating
Since September 2009
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
| Average Rates | Today | Last Week |
| 30 Year Fixed | 4.53% | 4.61% |
|---|---|---|
| 15 Year Fixed | 4.13% | 4.19% |
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I have a 7/1 arm with 2 years to go. Should I go ahead and tackle a refinance?
JHMN
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