+1 vote
owe 12 years at 7.4 interest should I refinance 30yrs at 4.8
asked Feb 9 in Refinancing by anonymous

1 Answer

0 votes
ABSOLUTELY.  7.4% interest is extremely high. Depending on how long you intend in keeping the property, you may consider an adjustable rate mortgages versus fixed rate mortgages. ARM normally have lower interest rates than 30 year fixed rates.  Rates have gone up recently. If you are intending in not moving, stay with a 30 year fixed rate mortgage. If planning on selling in next 5 to 10 years, get a quote on adjustable rate mortgages.  Please write us back if you have any questions.

Gustan Cho
Branch Manager of USA MORTGAGE
NMLS 227262
The Gustan Cho Team at USA MORTGAGE
answered Feb 9 by GustanCho (60,980 points)

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