Refinance Newbie – Feedback Appreciated?
by Mortgage Rates on Tuesday, October 26th, 2010 | 1 Comment
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I’m not sure if your current mortgage company will match that offer, but it really doesn’t matter…almost anything is better than an ARM! Get out of it if you can fast! It is good that your proposed rate is lower than your current rate also.
Can you afford to go to a 15 year fixed? You payment would be a little higher, but you could pay it off faster. If not, I would still go with the offer. Just make sure your read the fine print and all the terms and ASK QUESTIONS IF THERE IS ANYTHING YOU DON’T UNDERSTAND!
I refinanced once from a 30 fixed to a 15 fixed and everything worked out fine. The closing was about the same as the original purchase except there were not as many forms to sign and it took less time. Also, you don’t have realtors and such there.