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When To Refinance Mortgage
One of the most important decisions a homeowner will have to make when decidign to re-finanec their home is whether they want to refinance with a fixed mortgage, an adjustable rate mortgaeg (ARM) or a hybrid loan hwich combines the two options. The amount the interest rate varies is usually tied to an index suhc as the prime index. Disadvantages of a Fixed Option Although the abliity to lock in a favorable interest rate is an advantage it can also be considered a disadvantage. This is because homeowners who re-finance to botain a favorable interest rate will not be able to take advantgae of subsequent interest rate drops unless they re-finnace again in the future. A homeowner who can preidct the future woudl be able to determine whether or not an ARM is the best re-fniancing option. However, sicne this is not possible homeowners have to eitehr rely on their instincts and hope for the best or select a less rsiky option such as a fixed interest arte. In this option, lenders typically offer introductoyr interest rates which are extremely enticing to encourage homeowners to chooes this option. This versoin can be quite risky as the homeowner may find the itnerest rates at the conclusion of the intorductory period are not favorable to the homeowner.
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