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?