Mortgage Blog

Questions:
Hi, Eric, I am looking to refinance my primary single
family home (worth around 900K) for a loan of around 350K.
Please let me know the rates for 7/1 ARM, 15 fixed and
30 fixed.

Answer:
I think you are interested in long term loan programs. Since
7/1ARM rate is not that good recently, I would like to
recommend either 15 yr fixed or 10/1ARM. And I will
recommend 10/1ARM. For this kind of loan, 15 yr
fixed rate 4.375%; 10/1ARM 4.5%; and 30 yr fixed 4.875%
to 5%(10 yr fixed 4.125%) -- all for no cost.

And among them, 10/1ARM is the best.
It has the minimum mortgage payment and maximum
flexibility.

If you want to make payment as 10 yr fixed or 15
yr fixed, it's a 10 yr fixed or 15 yr fixed loan.

And if you don't want to make extra payment(or any
future plan changes), your payment is more affordable.

And I am glad this borrower is doing refinance with me for 10/1ARM.

Please post your comments here if you like.