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A Consumer's Guide to Mortgage Refinancing
Should You Refinance Your ARM?
In deciding whether to refinance an ARM you should consider these questions:
* Is the next interest rate adjustment on your existing loan likely to increase your monthly payments substantially? Will the new interest rate be two or three percentage points higher than the prevailing rates being offered for either fixed-rate loans or other ARMs?
* If the current mortgage sets a cap on your monthly payments, are those payments large enough to pay off your loan by the end of the original term? Will refinancing to a new ARM or a fixed-rate loan enable you to pay your loan in full by the end of the term?
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_________________________________ Table of Contents Would refinancing be worth it? What are the costs of refinancing?
Source:
Federal Reserve Board
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