Many homeowners with an adjustable-rate mortgage are looking into fixed-rate mortgages and questioning if they should refinance. With historically low rates, a lot of them have moved forward with new loan applications.
One of the most common reasons to refinance is to switch from an adjustable-rate mortgage to a fixed-rate mortgage. You should strongly consider doing so if:
In some cases, borrowers with an ARM interest rate 1% below today's fixed rates still refinance for the added security of a fixed payment and knowing they will be in the home for a long time. At some point, interest rates will rise from zero and so will adjustable rates, so it is a smart move.
We have experience helping homeowners get the best possible mortgage for their situation and explain all aspects of financing and your options.