Should we refinance our home again?
We were called up at home the other night and offered at 4.75% interest rate for a 3 yr FHA ARM mortgage. We currently have a 30 Conventional Fixed at a 6.725 and are only a year into it. Our plans are to stay in this home for 7-8 more years and then to go. Should we stay with the current rate we have, or refinance to the better rate to get the principle down more? Please help. I’m thinking to stay where we are, but want other peoples views.
we would be looking to refinance in two years to get even lower of a rate.
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It really depends on a few things.
FHA arms are a lot more secure than any other arm program out there. One of the main reasons why is the streamline refinance option. In addition to that the caps on FHA arms are set up so that the maximum amount your rate can increase at any time is 1%.
Here are a couple of things that should go into your choice
Did you place money down when you bought your home, if so how much?
What is the current appraised value of your home?
Do you currently pay private mortgage insurance, if so how much per month is it?
What you want to do is compare you current payment against a new conventional 30 year fixed, an FHA 30 year fixed and an FHA 5 year arm (which should be around 4.25%) and then choose which option (if any) fits YOUR needs and goals.