Article: Refinancing Your Home Mortgage Loan - Refinance Your Adjustable Rate Mortgage
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Refinancing Your Home Mortgage Loan - Refinance Your Adjustable Rate Mortgage
Refinancing an adjustable rate mortgage (ARM) is a common practice for borrowers. However, it may not always be the best option. Depending on how high interest rates climb, there are cases when you could end up spending more on converting your mortgage than you would save with a locked in interest rate.
Adding Up Costs
Before you jump on a refinancing offer, consider the upfront costs. To refinance a $100,000 loan, you can expect loan fees to range from $1000 to $3000. That is not including points for lower rates.
In order to recoup these origination costs, you need to be planning to spend several years in your home. Also, if you only have a couple of years left on your mortgage, you may be better off with your original mortgage.
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