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Adjustable Rate Mortgage Refinancing Offers in Vogue Again

If you’re thinking about mortgage refinancing how would you like to get the best refinance rates starting with the number three? According to this article from the New York Times homeowners are once again flocking to Adjustable Rate Mortgages to take advantage of interest rates before only seen as teasers. The article quotes a 5/1 adjustable rate mortgage on HSH.com for 3.23%; which on paper seems like a really good deal for your mortgage refi.

Lured in by the attractive rates, about 12 percent of the $325 billion in new mortgages made were adjustable-rate loans, known as ARMs, in the first quarter. That compares with 9 percent of new mortgages issued in the fourth quarter of last year, according to Inside Mortgage Finance, a newsletter that tracks the mortgage industry.

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There are risks associated with Adjustable Rate Mortgage offers that you should understand before going forward. If you’re planning on selling your home within five years then as the article points out these home loans are idea. If you’re in your home for the long-term then the risk goes up.

No matter what kind of mortgage refinancing option you choose whether you’re getting a good deal on your refi depends on the fees you pay getting your new home loan. The reason fees are so important is that you’ll have to recoup these expenses before gaining any benefit from mortgage refinancing. The more you pay at closing for the loan origination fee and other junk fees the longer it’s going to take to break even once you’ve recouped your expenses.

You can learn more about mortgage refinancing without paying unnecessary fees or markup by checking out my free Underground Mortgage Videos.

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