Refinancing?

are the 30yr fixed loans not able to be refinanced down the line?

Re: Refinancing?

You can refi on any kind of loan (Unless you have an ARM, where you'll have to usually wait at least a year before refinancing) but you can refi as many times you want.

Re: Refinancing?

Is ARM not good? I was quoted a $ for ARM and $ for 30 yrs fixed, and the ARM one is more affordable now because it's an interest only for the next 24 month... with the wedding approaching, we are thinking perhaps we should go with ARM...

any advice?

Re: Refinancing?

Our first mortgage was a 3 ARM but I purchased my home back when the % rates were at their lowest, so I could not pass that up and I knew that I could just wait out the year and then refi at a lower rate within a year. After a year had passed, we refinanced with a 30 yr. fixed. Remember that an ARM may change depending on what the current % rate is. You have to read your note and see what the cap % rates are.

Based on what I'm seeing as far as the % rates and what not, I would go with the 30 year fixed. The economy seems to be getting worse and worse, and I truly feel that this housing market is going to burst and the % rates are going to go up.

I would just evaulate the differences between both monthly payments and see what's best for you.