Mortgage advice
 

My 5 year ARM will detonate in 12 months.

Anyone with some sage advice or crystal ball into the future care to comment on a prudent path forward?

thanks,

-spence

refi now // in 12 months your L/I will kill ya compared to 5 YA:lasso:

L/I ???

-spence

the fed might be inclined to lower rates in 2H:07, or at least keep them where they are.

anyways, 30 year fixed rates are still low by historical standards (6% +/-).

so time (and the global glut of liquidity) is on your side.

if you are worried about the arm resetting, then refi in 9 months at a fixed rate.

I like this plan. I think rates will dip a bit in the spring. Start talking to you morgage broker in March or April keep and eye on interest rates. Shop the rates around a bit and pull the trigger. I'd jump out of your arm ASAP lock into a fixed.

That's what I'm looking for :zup:

Fortunately our mortgage isn't that big, so I've got some room to fiddle with things...just don't want to get pinched making any last moment decisions.

thanks - spence

Spence, i know a mortgage person in Fall River if your interested.. she's a friend of goosefish.

lock in

Ahhh yes. Well, I'm certainly going to do something...it's more a matter of what and when...

thanks - spence

i have a mortagage with astoria federal in ny. a few months ago they called me and offered to reduce my mortgage rate for 5 years to 5.75. free of charge. i have a arm and so that was good new to me. i would call your mortgage company and see if they will reduce it, or you will refinance with another company. they might do something.

Good idea, there's certainly some leverage in the situation.

thanks - spence

I'd try that, I've done it with CC co.s so these guys aren't too much different. Otherwise, refinance the remainder with anything fixed. 100%, 80/20, anything.