When should I search for refinancing on loan with high interest and an ARM with penalties?

Question by imcurious: When should I search for refinancing on loan with high interest and an ARM with penalties?
I’m trying to fix my credit; my ARM expires in May on my house mortgage. I pay over 8%. There is a high penalty for prepayment. When should I begin contacting companies to get quotes to refinance-before or after the ARM date? I’m not sure how lenders operate.

Best answer:

Answer by Akbar B
Start three weeks earlier and get ready to refinance on the day that your ARM expires and not a day before as you will be hit with the prepayment penalty.

What do you think? Answer below!

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