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Should I refi to a fixed rate mortgage?

I have an ARM right now and have had it for the last two years. Wondering if I should refi to a fixed rate by waynebrandman from St. Louis, Missouri. Jun 27th 2013 Reply


Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

It depends on many factors. What is your existing rate? Is your loan FHA or conventional? How long do you plan on living in your home? What are the terms of your ARM loan? Even with the recent move up in rates, if you plan to stay in your home, it is something you should definitely consider refinancing to a fixed rate. You might talk to a local Lender 411 mortgage professional and give them the full picture of your situation. They will give you excellent advice. Good luck.

Jun 27th 2013
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Jamie D. Hoisington (Hoisingtonteam)
#36 ranked lender in Missouri - 8 contributions

Hi Wayne!Like the others have said.... if your going to be in your home for any length of time, fixing would be a great option. Heck, now might even be a great time to look into a 15 YR fixed! I myself am on a 5 YR ARM and I will be going to a 15 YR fixed before my next adjustment period. I am in the St. Louis area, in Fenton, and I would be more than happy to go over any loan scenarios with you and get you qualified so you know exactly what it is you can do. There is so much that goes into a loan that getting all the info from you would be essential. But, to answer your original question... YES, I would FIX the rate. I mean what happens if you think your going to move in 2 years and then something happens and you have to stay in the home? Now you have an ARM that will continually adjust higher due to the market increases.Please give me a call at: 636-543-1041 or email me at: jh@greenboxloans.comBest Regards,Jamie D. Hoisington

Jun 27th 2013
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Adrielle Edwards (AdrielleEdwards)
#903 ranked lender in California - 96 contributions

Of course it depends on your situation; you need to look at how long you plan to be in the home. In general, if you plan to be in the home for a long period it makes more sense to be in a fixed-rate mortgage. Although rates have gone up in the recent weeks; they're still near all-time lows and you may want to take advantage of this. You should speak with a lender in your state to discuss your options.

Jun 27th 2013
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Jamie D. Hoisington (Hoisingtonteam)
#36 ranked lender in Missouri - 8 contributions

Hi Wayne!Like the others have said.... if your going to be in your home for any length of time, fixing would be a great option. Heck, now might even be a great time to look into a 15 YR fixed! I myself am on a 5 YR ARM and I will be going to a 15 YR fixed before my next adjustment period. I am in the St. Louis area, in Fenton, and I would be more than happy to go over any loan scenarios with you and get you qualified so you know exactly what it is you can do. There is so much that goes into a loan that getting all the info from you would be essential. But, to answer your original question... YES, I would FIX the rate. I mean what happens if you think your going to move in 2 years and then something happens and you have to stay in the home? Now you have an ARM that will continually adjust higher due to the market increases.Please give me a call at: 636-543-1041 or email me at: jh@greenboxloans.comBest Regards,Jamie D. Hoisington

Jun 27th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

If your current rate were to increase by 2%, would it exceed the current fixed rate? Will you stay in your home for at least the next 7 years? If the answer is yes to both, refinance now.

Jun 27th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

Just like Linda said, there are many different factors your should take into consideration when making your decision. What is the current interest rate on your ARM? Also what are the caps for the life of the loan that will let you know exactly how high you interest rate on your ARM can potentially go.You should also consider how long you are planning on staying in your home. If you plan on staying in your home for just a few more years, it will make sense to stay in your ARM (if you will be moving before the adjustment period). However, if you are planning on staying in the home long term, refinancing to a fixed rate while rates remain near all-time lows would probably be the best decision.

Jun 27th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Like the other have said, the amount of time you will remain in your home should be the primary determinig factor in your decision.

Jun 27th 2013
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Jamie D. Hoisington (Hoisingtonteam)
#36 ranked lender in Missouri - 8 contributions

Hi Wayne!Like the others have said.... if your going to be in your home for any length of time, fixing would be a great option. Heck, now might even be a great time to look into a 15 YR fixed! I myself am on a 5 YR ARM and I will be going to a 15 YR fixed before my next adjustment period. I am in the St. Louis area, in Fenton, and I would be more than happy to go over any loan scenarios with you and get you qualified so you know exactly what it is you can do. There is so much that goes into a loan that getting all the info from you would be essential. But, to answer your original question... YES, I would FIX the rate. I mean what happens if you think your going to move in 2 years and then something happens and you have to stay in the home? Now you have an ARM that will continually adjust higher due to the market increases.Please give me a call at: 636-543-1041 or email me at: jh@greenboxloans.comBest Regards,Jamie D. Hoisington

Jun 27th 2013
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David Sanders (David_Sanders)
#810 ranked lender in California - 59 contributions

I would like to add, That in addition to what everyone else has said. It also depends in what point of the Walk of Life you are in. Are you still making investments? Are you on a fixed income and need a solid budget? ARM's do have their advantages, especially Interest Only. You must be an investor however to make the interest only loan tangible. I suggest talking to a resident lender411 Missouri Licensed Loan Officer for more details..

Jun 27th 2013
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David Sanders (David_Sanders)
#810 ranked lender in California - 59 contributions

I would like to add, That in addition to what everyone else has said. It also depends in what point of the Walk of Life you are in. Are you still making investments? Are you on a fixed income and need a solid budget? ARM's do have their advantages, especially Interest Only. You must be an investor however to make the interest only loan tangible. I suggest talking to a resident lender411 Missouri Licensed Loan Officer for more details..

Jun 27th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

like others check out your situation but with the advent of rates on the rise and the forecast to continue to do so analyze what your end out plans are.

Jun 27th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

It depends on what the terms of your ARM is... 3/1,5/1, 7/1, 10/1 ? How long do you anticipate being in your home? What's your current rate? Do you have Equity? so many questions need answers to properly address your question. The best advice I can give you is to contact a LOCAL mortgage broker and let them put together several loan scenarios. Only then can you make an educated decision, however I will warn you do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 27th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

It depends on what the terms of your ARM is... 3/1,5/1, 7/1, 10/1 ? How long do you anticipate being in your home? What's your current rate? Do you have Equity? so many questions need answers to properly address your question. The best advice I can give you is to contact a LOCAL mortgage broker and let them put together several loan scenarios. Only then can you make an educated decision, however I will warn you do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 27th 2013
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

Since you're not risk averse, keeping an ARM is still advantageous in the current interest rate environment.

Jun 27th 2013
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Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions

Yes Wayne it is time to obtain a fixed rate...

Jun 28th 2013
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Raymond Denton (Raymond)
#12 ranked lender in Ohio - 224 contributions

How long do you intend on owning the house?

Jul 3rd 2013
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Jamie D. Hoisington (Hoisingtonteam)
#36 ranked lender in Missouri - 8 contributions

Hi Wayne!Did you ever get into your fixed rate? Also, rates are probably lower than where they were 2 years ago!!! Just a thought...... Feel free to reach out if you would like to know the current market.www.guaranteedrate.com/jamiehoisington My direct number is: 314-439-8214.

Sep 2nd 2015
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Joshua Nawrot (jnawro_497_179)
#52 ranked lender in Michigan - 10 contributions

Yes, absolutely! With rates only climbing up now is the time to lock into a fixed before they climb to much more.

Jan 7th 2017
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