Notice the mortgage rates lowering shortly after buying a new home? Learn how soon you can refinance after purchasing your home and if it makes sense for you.
Lesson summary: An adjustable-rate mortgage loan can help you secure a lower interest rate. Most ARM loans in use today are "hybrid" ARMs, which means they start off with a fixed rate for a certain period of time. Most homeowners who use this strategy will try to refinance into a fixed-rate mortgage before the initial period expires.
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Multiple benchmark mortgage rates ticked. The average rate on a 5/1 ARM is 4.02 percent, adding 12 basis points from a.
Refinancing to an adjustable-rate mortgage is a good choice if you: Plan to move before the end of the introductory fixed-rate period, so you aren’t concerned about possible rate increases Want an initial monthly payment lower than a fixed-rate mortgage usually offers
You can let the ARM adjust, or you can leave the loan based on what’s best for you in that particular moment, and the straight numbers often suggest staying with the adjustable-rate mortgage because the adjustment would still be below market rate. refinancing to an adjustable-rate mortgage.
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There often becomes a point over the life of an adjustable-rate mortgage that it makes sense to lock in the lowest refinance rate by converting your ARM to a fixed-rate mortgage. In this post, we’ll cover when to refinance your ARM to a fixed-rate mortgage in order to get the most long term value.
Advertiser Disclosure. Mortgage Pros and Cons of Refinancing an ARM to a Fixed-Rate Mortgage. Monday, February 4, 2019. Editorial Note: The content of this article is based on the author’s opinions and recommendations alone.
Update: Just to clarify, the ARM is fixed for 5 years (but can go up 2% a year after that) and I’m considering refinancing into a 30-year fixed loan, even though the rate will be higher.
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