and permanently sitting on the fence. That's us! To celebrate that, we've FINALLY decided to refinance. A few days late, of course... but better late than never.
To recap, we have a 5/1 ARM that adjusts in August. We had been fence sitting, as the ARM has a relatively low cap on interest rates (10%, with a possible adjustment of 2% a year), and we plan to be selling in 2 or 3 years.
It's been a tough decision, but we decided that worst case scenario is that we lose a couple thousand dollars (the closing costs). We're going with a 15 year mortgage to hedge our bets and decrease the payoff period.
Is there anyone else who's been fence sitting on this refinancing thing for as long as we have?
6 comments:
Well, I don't have an ARM, but I still feel like I should look into a possible lower fixed mortgage. But I have absolutely no desire to.
Yep. Since (wait for it...) 1995.
Which, yes, means we have a fixed-rate mortgage with a higher rate than a lot of people's ARM caps.
But we've been perpetually going to move "in a year or two." Now that we've decided to refi we'll probably move a month later.
No ARM here, fixed rate mortgage- But I have been thinking of refinancing- Why I don't know- I only owe about $70K left on my house, and don't plan on moving. The worst thing I have donr is financeed the addition through my 401K, but such is life- The addition should be paid off in a couple of years. I will pay off the house when I retire.
Yep, I've got the same ARM you had. Mine adjusts the beginning of March 2010. I want to relock, but can't until my employment situation straightens out.
Thank you.
New cameras are SO much fun. Ive had a lot of fun already getting to know the camera. I cant wait to spend more time with it.
Yep, our ARM just adjusted itself and actually went down. But I know we should refinance anyway and take a loss on the closing costs. My sis just refinanced and, what with the banking bailout/fiasco, they had to jump through a ton of hoops and they have an excellent credit history. Just be prepared for that.
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