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Need Advice on ARM

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H109 Guest	Posted: Mon May 23, 2011 12:50 am    Post subject: Need Advice on ARM Like 0 Dislike 0 Hi, This is a great forum, I've learned a lot. I have been approved for a 3 year ARM at an interest rate of 2.99; after the 3 year period, it will increase to 4.99. I'm using the loan right now to complete a new construction. Question: Should I try to refi to a 30 year fixed mortgage at current market rates immediately when construction is completed in a few months? Or should I ride out the 3 year period and then refi to a 30 year fixed loan? I'm wondering if by the end of 3 years, the rates may be much higher than 4.99. Or, at the end of 3 years when I try to get a 30 year loan, the bank may say the house's value has dropped. Any help would be appreciated. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon May 23, 2011 1:55 am    Post subject: Like 0 Dislike 0 Once the construction is complete, you will have to refinance the mortgage into a normal conventional loan. It is better to refinance the loan immediately rather than waiting for 3 years. It will be your discretion whether or not you'll go for a 15 year loan or a 30 year loan. _________________ Good is the Enemy of Great.

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