Refinance Options for ARM
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Understand and prepare for changes to your adjustable-rate mortgage.
What are my options?
If you have an adjustable-rate mortgage, there may be a time when you need to consider new loan options. For example, your payment has increased above your comfort level, you want a more stable payment, or your goals or lifestyle have changed since you got your loan. Here are some things to consider.
|Details||Refinance to a fixed-rate mortgage||Refinance to an adjustable-rate mortgage|
|Description||Refinance to a new loan that has an interest rate that won’t change||Refinance to a new adjustable-rate mortgage that may have a lower initial interest rate|
|Benefits||Your interest rate will remain the same for the life of your loan; the principal and interest portion of your payment will not change; provides ease of budgeting and planning||May provide a temporarily lower payment if the initial interest rate is lower than your current rate; may reduce the total amount of interest paid if you’re paying off your mortgage or selling your home in a short timeframe|
|Things to consider||The interest rate may be higher than your current rate||Your interest rate, as well as your payment amount, will change after the initial period and will continue to change|