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?
Saturday, June 6, 2009
Always the Last to the Party...
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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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