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"I want to refinance my home mortgage"

I feel like I should switch my 5-1 ARM to a 30 year fixed rate mortgage to take advantage of the low rates. Looking for advice on who people used and what rates you got.

wanted by: LauraC (28) in Cambridge, MA 02138 +
updated on: Sept. 22, 2011, 3:03 p.m. (8 years, 1 month ago)
posted on: Feb. 10, 2011, 12:12 a.m. (8 years, 9 months ago)
tags: home loan mortgage rates refinance
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5 User Replies

My Refinance Advice and Recommendation

I just bought my current house in November of 2009. At the time, I got a 30 year fixed jumbo rate of 4.875%. This past summer, after having the loan for less than a year, I refinanced down to 4.375%.

That's a significant monthly savings that I can spend on any number of other things instead of interest to a bank! You should definitely look into refinancing your mortgage now, especially since you have an adjustable rate mortgage.

I actually had a rental property for 8 months (the buyers of the house I was selling rented it before buying it from me ... long story). That house also had a 5.00%, 5-1 ARM like yours. The thing is, the 5 year adjustable period came up while they were renting and the bank actually *lowered* my ARM.

Don't let that lure you into keeping your adjustable rate loan, though. Mortgage interest rates will undoubtedly start going up at some point. 20-year and 30-year fixed rates are so low right now that you almost have to lock them in. My refinance actually was with no points and no closing costs as well, so it didn't cost me anything to change.

I found three mortgage lenders online and was able to leverage them off one another to lower my rate a bit and cut out the closing costs. Like most things in life, it pays to shop around! Best of luck to you.
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Loan Comparison Calculator

Helps you answer the question, "Should I Pay for Points on my Mortgage"? Use this calculator to determine which mortgage loan is better for you:

comment This is very cool! Helped confirm that the half point I paid during last summer's refinancing was worth it! - SoopahMom 8 years, 9 months ago
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Mortgage Points Calculator

Determine when points pay off:

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Mortgage Tax Savings Calculator

Calculate how much you will save on your income taxes by deducting your mortgage interest rate payments:

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