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Converting Rates
Refinancing to a Fixed Rate Mortgage from an Adjustable Rate Mortgage (or vice versa) can lock you in at a lower rate and save you money. There are several factors one must consider when deciding between the two.
Who should get a Fixed Rate Mortgage (or FRM)?
An FRM is ideal for someone who needs the guarantee of payment stability that the fixed rate offers – since the rate is “fixed,” it will not increase and therefore you won’t have to worry about your payments rapidly increasing or putting an unforeseen strain on your finances. That being said, FRM’s usually have a higher monthly payment, and as such you must be certain that you will be able to afford it. FRM’s are also good for individuals who expect to stay in their home for an extended period of time and are usually long term mortgages lasting longer than seven years.
Who should get an Adjustable Rate Mortgage (or ARM)?
If you plan on moving within then next few years then the ARM is the loan to consider. The ARM is an excellent choice in this situation because the less time you spend in an ARM, the less time it has to increase. The longer you have an ARM, the riskier it can get. ARM's are ideal for short-term loans.
If you do decide to go with an ARM, consider paying as much as you can in addition to your monthly payment, when you can. As a result, you will lower the loan balance more quickly and then if your payment increases, it won’t be as high as it could have been.
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