pjalst wrote:The question is, would it be benificial for me to refinace or not?
I purchaced my home 7 years ago using a secured VA loan(this minimizes the cost), at a 5.5% fixed rate. The rates are currently fluctuating between low to mid 4's. I have about $40K-$50K worth of equity(depending on the apraisal). I plan to relocate to another state in 2-3 years.
I would like to reduce my monthly payments so I talked to a Mortage consultant at my bank who gave me the following options:
1. 30 year Fixed rate
2. 30 year fixed rate with bi weekly payments(plus a $75-$100 extra payments)
3. 15 year fixed rate
the 15 year fixed keeps my monthly payments about the same, but shortens the term.
Any suggestions or comments are welcomed
I just got another option from the consultant:
4. Since I'll be moving in 2-3 years, A ARM with a fixed rate for 5yrs(currently around 3.5%).