Question by daisymae: Can you refinance your mortgage after living in a condo for only two years?
I suspect my son has an ARM and has one more year to refinance before the interest rate changes. Is there normally a penalty involved if he refinances before the adjustable rates kick in?
Answer by Joey Bagadonuts
Daisy….I refinanced my mortgage (a fixed rate mortgage) twice in the first 4 years….and yes…get a fixed rate ASAP.
I’m not sure about any penalties for early refinancing of ARM’s. I’ve heard that some do and some don’t. He has to check his mortgage paperwork.
What do you think? Answer below!