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refi-ed in march to a fix, liking the ARM rates. Please advise !

Profile picture for lcksmith
 Refi-ed to a 10 yr fix @ 4.375, loan bal. = $298,700,116 mths remain. Would it be  wise to try and refi to a 5,7, or 10 yr. arm if i can get at least a 3.0 percent rate or better? Will continue to pay same payment of 3162.00- new pymt ( diff to prin only ).
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August 23 2011 - Ann Arbor Township
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Answers (2)

Profile picture for Tennessee Loans
If you plan on owning the home for the next 10 years I agree with Clay. The 10 year pricing will pay more of your closing costs. Should be able to get a credit for more than 3k to closing costs. And if you do as you stated make the extra payments against principal. You will pay off your mortgage about 4 months earlier than your current payment plan. So saving you around $12k
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August 24 2011
Profile picture for Georgia Loans
5/1 Arm will most likely adjust up after 5 years, 7/1 Arm the same after 7 years, and since you have enough income to qualify for a 10 Yr Fixed it would not make sense to get a 10/1 and prepay because you can get a 10 Yr Fixed for the same rate. The 10 Yr Fixed should pay a higher credit towards closing costs than a 10/1. You could save about $200/month getting a new 10 Yr Fixed.
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August 24 2011
 

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