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Bought my house 4 yrs ago for 600K with 15-down on 5/1 ARM loan at 5%. It is not a Fannie Mae or Freddie Mac loan. Paid down $50K since. Current Principal amount is 460K. Credit score > 750. Home value down to 470K. No default in pmts.Is refinancing at 5% or less for 30 yrs is a good option or wait for the arm to end? Might have to come up with 80k to meet 20% down requirement.Are there any better programs?
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If by better you mean to fix your rate now, before they go up, then yes,..this is better. This was a great week for rates. Get off your fence if you are deciding to stay in your home.
If the full amount needed to pay down the mortgage is not available consider an 80/10 refinance.A first mortgage at $376,000 and a 2nd at $47,000. You then only need about $42,000 - $45,000 additonal cash. A local credit union would be the best option for the 2nd mortgage.
Give consideration to the time you intend to remain in your home along with the next adjustment date and the rate adjustment caps.But, more than likely a refinance if the cash to do so is available, would be your best option.
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