I have an ARM 1st mortgage that the bank is calling every week for the past weeks to refi with a special HARP no qualify loan, should I do it?

Asked by Erosarantes, San Francisco, CA Sat Nov 2, 2013

Current Loan Balance $150k
Current ARP 3.5%
Plan to stay another 5 years with the property

Refi will add another $6k to loan amount:
New loan $156k increased by closing cost and $1,500 points
New fixed 20 years at 4.3%

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Thu Nov 21, 2013
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0 votes
Chuck Green, Agent, Norcross, GA
Sat Nov 2, 2013
Depends on how many years left on your fixed portion of the ARM and the yearly cap rate on the loan.
0 votes
Yearly cap up to 2 max at 10% modified yearly
Flag Mon Nov 4, 2013
Lynn C Juhl, Agent, Marietta, GA
Sat Nov 2, 2013
Hello,,,, do everything you can do to make the ARM go away,,,, for most people they are design failure.

0 votes
Don Lantier, Agent, smyrna, GA
Sat Nov 2, 2013
how many years left on the ARM?
0 votes
Yearly cap up 2% max rate 10% modified yearly
Flag Mon Nov 4, 2013
Yearly cap up 2% max rate 10% modified yearly
Flag Mon Nov 4, 2013
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