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Refi 30 yr ARM to 10 or 15 yr fixed?

Profile picture for jimc88530
We have a 30 yr ARM, 6.75% on 202K we have paid on since 12/2001.  We will not probably be working at end of loan so looking at refinancing for shorter time.  Cannot really afford higher payment. Is there anything out there?  Our credit is only fair, but all negative events are over 3 yrs. old.  Also home value has almost certainly decreased, so appraisal is a scary part.
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June 09 2012 - US
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Answers (1)

Profile picture for Georgia Loans
Do you have a Fannie or Freddie Loan?

A 10 Yr will increase your payment by $394/mo. A 15 Yr will save you $162/mo and drop 54 payments. If you get a 15 Yr and keep making the same payment you will payoff in 13 years. 
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June 09 2012
 

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