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I have a good interest rate on my newer home. I need to relocate because of commuting. I put my home up for sale. Should I anticipate a sell, and get a five year arm to lower my mortage payment or keep the rate I have because the economy isn't really promising for a house to sell?
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This would depend on how long you have had the house on the market, what the activity level is & what you plan to do if the house does not sell. Don't re-finance if you are going to sell. It makes no sense. You need to factor in the cost to refinance. Would you re-coop these costs in 5 years if you where to wait out the market? How are other homes selling in your area? Average time they are on the Market? Talk to your agent & get some updated figures on activity, active listings & sales in your area, so you can make the wisest decision about whether to stay or sell.
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