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We have a mortgage balance of 251K on a 30 year fixed. The rate is 6.0%.

Profile picture for Mark W Dymersky
The house is valued at $280K. Does it make sense to refinance ? We are only 2 years into it. When would one consider an ARM over a fixed ? Is not a good time or does it make sense to stay fixed ?
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March 31 2009 - Simsbury

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Profile picture for SeattleHome.com
If you refi, fixed rates are under 5%, there's no reason to get an ARM unless you're definitely selling/moving in the short term.
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March 31 2009
Profile picture for Colorado Mtn Lender
Yes refi.

You can get rates below 5%.  Example, at 5% your Principal and Interest payment on a 30 year fixed would be $1,503 per month and on top of that you would be paying down principal by $336 per month.

In regards to an ARM, the rates are not that much lower today and you have the downside that if the ecomony stays bad for 3 to 5 years you are back in the game again.  It is my opinion based upon heavy reading that inflation will come back soon (think of all the money we are printing....trillions) and rates will stay high for a long time.  Quick example...have you noticed gas prices going up?  That is caused by pricing of cude in US dollars which are now devalued due to all the debit we (the government) is pilling up.

Just one man's opinion...

Ed
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March 31 2009
Profile picture for CORONA NICK
Ignore the other two responses, as they have other interests besides yours in mind. You will not be able to get a lower rate due to the fact that you owe basically as much as what your property is worth.  You will be close to 90% LTV... very risky in these times and no way in hell will anyone refi you with the lowest rates that are being advertised. Forget about the ARM.... they are risky, and the benefits DO NOT outweight the risk. Either Ed is not ethical or he is incompetent in his advice to you regarding you to refi in your situation.
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March 31 2009
Profile picture for DebtFreeDave
I think it is a great time to refinance.  Interest rates are low now.
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March 31 2009
 
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Profile picture for Dave Mason
DiscussionWe have a mortgage balance of 251K on a 30 year fixed. The rate is 6.0%.
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