Adjustable Rate Mortgages or Fixed Rate Mortgages

When is a good time to refinance out of my adjustable rate loan and into a secure fixed rate mortgage? We’ll first you must ask your-self one question: How long do you plan on owning your property?

If you plan on owning your home for a minimum of two years or longer it’s time to get out of that adjustable rate loan and into a fixed rate. As I’m sure you’re aware, rates on the adjustable rate mortgages have been increasing over the last two years, and that trend will most likely continue throughout the year. Fixed rates are still historically attractive, so give your-self some stability and refinance out of your adjustable and into a fixed rate. On the other hand, if you only plan on owning your property for less then two years just stick with the loan you currently have. It’s not worth the trouble of refinancing and probably paying closing fees if you’re planning on moving and paying off the mortgage within the next couple of years.

There are several types of fixed rate mortgages available, so please don’t hesitate and miss this great opportunity to lock in your rate. Fixed rates have also been increasing over the last two months and that trend most likely will continue, so please don’t wait any longer. For a FREE analysis, contact Doug Putnam and see if refinancing is for you.

Feel free to contact Doug anytime. He is always available, so call him today or apply online, and let him go to work for you!  619-286-9596