What’s the best type of mortgage to refinance to?
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Should we stick to a 30 year fixed, try an ARM option? Our goal is to lower our monthly payment. What about 40 year loans?
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I would go with a 30 year and set it has a goal to apply monthly reductions during the life of the loan. Build some equity and pay less interest.
It depends on how long you plan on living in your home for. If you’re going to be moving in 5 years then you should look into an ARM or possibly an interest only product. Also your credit score and mortgage history are going to be a factor. 40 year mortgages are a good product to lower your monthly payments, but there is usually a “balloon” payment due in 30 years. The longer you plan on staying in your home the more I would look to a fixed product.