Home Loans Corpus Christi

can i refinance an arm mortgage

Refinance your mortgage with an adjustable rate loan from PNC Bank.. After the first rate adjustment, your interest rate can change each year until you pay off .

Refinancing can be done for many reasons, but switching from an adjustable-rate mortgage (or ARM) to a fixed-rate mortgage is one of the most common. The general rule of thumb is that refinancing to a fixed-rate loan makes the most sense when interest rates are low.

Refinancing your mortgage can be a good or bad idea, depending on your. the bad reputation of an adjustable-rate mortgage, or ARM, should carefully look at.

Try our easy-to-use refinance calculator and see if you could save by refinancing. Estimate your new monthly mortgage payment, savings and breakeven point.

Refinancing can be done for many reasons, but switching from an adjustable-rate mortgage (or ARM) to a fixed-rate mortgage is one of the most common. The general rule of thumb is that refinancing to a fixed-rate loan makes the most sense when interest rates are low.

This is a common question asked these days due to all of the people that are starting to feel the squeeze from their adjustable rate mortgages continuing to rise each year. One percentage point on a $300,000 mortgage can increase your payment hundreds of dollars, and some people don’t have the extra money.

Quick Introduction to 3/1 ARM Mortgages. If you take on a 3/1 adjustable-rate mortgage (arm), you’ll have three years of fixed mortgage payments and a fixed interest rate followed by 27 years of interest rates that adjust on an annual basis.

Gone are the days when you automatically go to a High Street bank to get a mortgage. There is a more diverse range of options these days but this does not mean that more choice is necessarily making.

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You can also refinance your ARM into new adjustable-rate loan. Via a new ARM, you can lock your rate for the next 5 or 7 years or longer, depending on your needs.

4) Find out the current refinance rates for a 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM, 15-year fixed, and 30-year fixed and what your corresponding payments will be. I’ve found the 5/1 ARM to have the best mix of interest rate and duration security. You can do a lot to pay down your mortgage or improve your wealth in a five year time frame.