How much will my 3 year ARM rate go up?
I currently have a 3 year ARM mortgage loan on my home. 3 years will be up soon and I’m wondering how I can find out what my new rate will be. It’s currently 4.5%-will it be whatever the bank’s rate for 3 year ARM’s are now or something higher?
I am not sure if I should refinance or not. If I do not, what happens with my current ARM loan when it resets?
Here is my situation:
1st mortgage 5yr arm at 5.125% balance $ 214K
2nd mortgage 30-yr fixed at 7% balance $ 21K
My 5-yr ARM is going to adjust in June 2010.
My approx. LTV (including both loans) is 93%. I got 820 credit score, good salary, no debt or major expenses besides mortgage payments.
Anyone know of lenders (forget the online mortgage quote tools). I believe in the word of mouth advertising… Has anyone gotten a good refinance deal recently – with what lender?
P.S. Correction balance on the 1st mortgage is $ 184K.
Checked my contract. My rate is tied to the 1-yer Libor, the margin is 2.25, loan will adjust once per year. Sounds like I could take some risk and stick with this loan for another year or two? Comments are welcome..