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Answers (5)
- wayne lancaster, "funds2"
- Contributions:1172
Contrary to Donna's comment there is not a 7 yrear fixed program available. As Clay mentioned, you can do a 10 yr. fixed loan and make payment on a 7,8,9 or 10 yr amortization. If your plans are to own property for 9 yrs. or more, than a refinance to a 10 yr loan program would be a good option.
- Clay Branch, "Georgia Loans"
- Contributions:7832
3.25% will payoff aprx 10 payments sooner using the same payment as you make now. Multiply your payment x 10, then subtract the closing costs for your net savings. You can set up a new loan with any am schedule but a 7 Year amortization will have a payment aprx 15% higher than you pay now.
- Donna Schulze, "donnaschulze"
- Contributions:184
Yes there are 7 year fixed mortgage products out here. It is worth it to refinance, as your can get an ARM for under 3.5%.
- Jayne Combs, "lenderjayne"
- Contributions:41
If your 10 year rate is at 5.375, it may be worth it as rates are starting in the mid 3 range. It will depend how much you owe, your fico score, your loan to value, etc in determining if you can refinance and what your final rate will be. But if you can refinance your home at no cost lower then what your paying now then yes it would be a great deal! Even if it's only .25 of a percent. Keep in mind, if you lower your rate continue to make the higher payment and you will pay it off in no time. Also, a loan officer can calculate what you need to pay it off in 7 years if you desire. hope this helps!
- Joy Moran, "OlyWAHomes"
- Contributions:16
Sounds like you are talking about a balloon or intermediate ARM:
7/23 Conforming Mortgage
The rate is fixed for a period of 7 years and then converts to a new fixed rate for the remaining 23 years.
7/1 ARM
The rate is fixed for a period of 7 years after which in the 8th year the loan becomes an adjustable rate.
Ask a local loan officer about your options. It doesn't cost anything to ask questions, and your loan officer can help you determine your overall savings vs. sticking with your 10 year fixed.
refinancing home mortgage
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