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Refinancing Your Home Mortgage Loan - Refinance Your Adjustable Rate Mortgage
Refinancing an adjustable rate mortgage (ARM) is a common
practice for borrowers. However, it may not always be the best
option. Depending on how high interest rates climb, there are
cases when you could end up spending more on converting your
mortgage than you would save with a locked in interest rate.
Adding Up Costs
Before you jump on a refinancing offer, consider the upfront
costs. To refinance a $100,000 loan, you can expect loan fees to
range from $1000 to $3000. That is not including points for
lower rates.
In order to recoup these origination costs, you need to be
planning to spend several years in your home. Also, if you only
have a couple of years left on your mortgage, you may be better
off with your original mortgage.
Benefits Of Refinancing
Locking in a low rate is the most common benefit to refinancing
an ARM. By converting to a fixed rate mortgage, you are
guaranteed a low interest without worrying about yearly interest
rate fluxes.
You can also build up your equity sooner by converting to a
biweekly mortgage or short term loan. With larger monthly
payments, you can potentially save thousands on interest
payments.
When Not To Refinance
With an ARM there is always some risk involved, but there are
cases when keeping your ARM makes financial sense. For instance,
unless interest rates will rise more than a couple of percentage
points over the course of your loan, you will probably pay more
in loan fees than you will save. You should also keep your ARM
if current rates are only 1% or lower than your ARM's rate.
You may also want to keep your ARM if you are planning to move
soon. With homeowners moving within seven years of buying a
home, it doesn't make sense to refinance when you won't recoup
the costs.
Picking A Lender
Just like with any mortgage, you want to be sure that you have
researched several lenders before choosing one. Request quotes
on both rates and fees. You will need to add up total costs to
find the best financing package. You can also use the internet
to find online mortgage lenders. Many times these lenders will
offer lower interest rates or low closing costs to remain
competitive.
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