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When you buy or refinance a home, there are a number of loan types available. From government-backed FHA and VA loans, to conventional fixed-rate 15, 20 or 30-year loans, there’s no shortage of options. One important consideration is whether to go with a fixed-rate or an adjustable-rate mortgage (ARM).
While adjustable-rate mortgages have been a good choice with low mortgage rates, rising rates could mean it’s time to refinance to a fixed-rate mortgage. We help decide whether to refinance your.
The concern, of course, is that if market rates increase, adjustable mortgage rates will rise as well. But remember – on home purchase loans, most adjustable rate mortgages give you the option of locking in your initial rate for one to 10 years before the rate can adjust. The typical homeowner only stays in a home for 5-7 years before moving on.
The general rule of thumb is that refinancing to a fixed-rate loan makes the most sense when interest rates are low. While no one can predict whether rates will go up or down in the future, many homeowners are currently taking advantage of today’s low rates to refinance from their adjustable-rate mortgage to a new fixed-rate mortgage.
· DEFINITION of ‘Adjustable-Rate Mortgage – ARM’. An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly.
Bankrate.com provides free adjustable rate mortgage calculators and other ARM loan calculator tools to help consumers learn more about their mortgages.