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onetime2 · 08-09-2004, 07:52 AM

I recently refinanced and went from a 30 yr fixed to an ARM with a ten year lock in. I'm locked at the low ARM rate for the next ten years (it was a full percentage point below the fixed rate at the time). It seemed to fit my situation as I think over the next ten years we will see interest rates rival current levels again and should I wish I can refinance again and get a fixed rate. But I'm not too sure if I'll even be in this house that long.

The difference between the ARM and fixed rate is going to the principal.

08-09-2004, 07:52 AM	#4 (permalink)
onetime2 Junkie Location: NJ	I recently refinanced and went from a 30 yr fixed to an ARM with a ten year lock in. I'm locked at the low ARM rate for the next ten years (it was a full percentage point below the fixed rate at the time). It seemed to fit my situation as I think over the next ten years we will see interest rates rival current levels again and should I wish I can refinance again and get a fixed rate. But I'm not too sure if I'll even be in this house that long. The difference between the ARM and fixed rate is going to the principal. __________________ Strive to be more curious than ignorant.