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Thread: Refinancing: The Right Move?

  1. #1
    Administrator DeeJay's Avatar
    Member Since
    Feb 2001
    Cyberspace and beyond

    Refinancing: The Right Move?

    Brought to you by Jimmy Hayden, O'Brien Realty!

    If you have an Adjustable-Rate Mortgage, consider these factors about refinancing.

    The federal reserve recently raised interest rates, and if you have an Adjustable Rate Mortgage (ARM), it may be a good time to consider refinancing your home. There’s no one-size-fits-all answer to whether your should refinance, so here are a few of the main considerations.

    How long does your introductory rate last?
    Most ARMs have a fixed rate for the beginning of the mortgage. This is an introductory period (usually 3-10 years) when your rate will remain constant before it can be adjusted. If you have several years left in your introductory period, you can monitor interest rates for a while before making a decision. But if the intro rate is ending soon, it’s a great time to explore refinancing at a fixed rate.

    How long are you staying?
    If you plan to sell your home soon—especially if you’re still on a fixed introductory rate—there’s not much motivation to refinance. But if you’ll be at your home indefinitely, you should consider your refinancing options. You could eliminate the stress of not knowing what your future mortgage rate and payments will be.

    What’s your loan balance?
    The change in your mortgage payment will of course be determined in part by your remaining balance. If you owe $100,000-$200,000, a new interest rate may not greatly affect your monthly payment. On the other hand, if you owe $500,000, a change in interest rate could lead to a much higher payment.

    Other factors
    The previous items are just a few of the factors that should go into a decision about refinancing. Changes in income and your current credit score should also be considered, so be sure to weigh your options and make an educated decision.

    These tips are brought to you by Jimmy Hayden, O'Brien Realty, specializing in Property Management. Visit Jimmy's website at

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  2. #2
    Registered User Hessian's Avatar
    Member Since
    Mar 2001
    Refinanced in Feb 2017...sweetheart 1 year deal (low locked interest rate)...unhappy with ed raising the rate so I went back last month: They were happy to reconfigure a new deal with another sweetheart rate for another year. Saves me about 150/month...thus: worth time to do it!
    Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity.

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