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Originally Posted by Erin  Yes but I'm trying to re-fi my ARM right now and I'm going to pay closing costs again.
I wish we'd just done the 30-yr fixed from the beginning. In the end it's not saving me any money. Three years of saving $100/month is going right back into closing costs for a new loan.........
Plus, what if your financial situation changes or interest rates go up? There's no point getting an ARM when rates are as low as they are unless you are SURE you will stay for less than 5 years. We thought we would be out of our townhouse by now but we have decided to stay... hence the re-fi. |
Yeah, that's a bummer.
The ARM saved my bf quite a bit a month, so that's the option he went with so he didn't have to rent. Every situation is different though - is there another lender with lower closing costs? Good luck...