Question by ssk402000: I have a 5 year ARM mortgage and i need advice on refinancing to a fixed rate mortgage?
When I bought my house it was worth 291,000 where I made a down payment of 20,000 and now I am having an appraisal getting done and with the housing market as it is, i’m sure its worth much less. I originally had a 5 year ARM mortgage at a 5% rate but am now looking to refinance to a longer fixed rate mortgage. What are my options?
Answer by Biggie @ Arbor Mortgage
You may be fine putting 20k down on the loan, but how long have you been in the home? Is it @ the 5 year mark? You should consider an FHA 30 year fixed because they will refinance your home up to 97.75% of the value for a rate & term mortgage.
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