By Admin on May 1, 2009 in Credit
LL asked:
I am looking to refinance my 5 yr ARM (coming up in June) to a 30 yr fixed rate mortgage. My current lender is offering 4.5% with 3 points. A local lender in the area is offering 4.5% with .75 points. Do you think these are good rates? It’d be easier to stay with current lender but there is a big spread in the points….any suggestions? Do you think I should hold out and rates will come down even more?
I am looking to refinance my 5 yr ARM (coming up in June) to a 30 yr fixed rate mortgage. My current lender is offering 4.5% with 3 points. A local lender in the area is offering 4.5% with .75 points. Do you think these are good rates? It’d be easier to stay with current lender but there is a big spread in the points….any suggestions? Do you think I should hold out and rates will come down even more?
The rates could come down more but it is unlikely. With the rate being as AMAZING as it is right now I wouldn’t hold off much longer. I would ditch the ARM AS SOON AS POSSIBLE and go with a fixed rate. Even if the fed comes down even lower in their rates it’s not going to be much more, they just can afford to do that. Get rid of the ARM that you have and pick the better choice in those lenders offers. Don’t worry about the paperwork, who care’s about that? Save yourself a lot of money and go with the better choice! You’ll save a ton of money in the long run! Good Luck and Happy Holidays!
venus | May 4, 2009 | Reply