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Open Question: Which type of mortgage should i choose?

Open Question: Which type of mortgage should i choose?

This is a discussion on Open Question: Which type of mortgage should i choose? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; I have just built a new home and I would like some advice on what type of mortgage I should ...

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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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06-13-2008, 08:53 PM

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Open Question: Which type of mortgage should i choose?

I have just built a new home and I would like some advice on what type of mortgage I should choose. I am obvisously looking at a fixed rate loan but have been inticed by the low interest rates of a 5/1 ARM. We plan on living in the house for a long time. I was thinking of doing a 5/1 ARM then see where the interest rates go and refinance around the 5 year period. I am a little afraid of the interest rates going up drastically and having a high one after the five years. I have very good credit. Any advice would be much appreciated.

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