Tips On Refinancing Your Home - When To Convert To an ARM

Tips On Refinancing Your Home - When To Convert To an ARM: "Common advice tells borrowers they should refinance their adjustable rate mortgage (ARM) to a fixed-rate mortgage. However, there are times when it makes better financial sense to do the reverse. The prime reason is that an ARM provides lower rates.
Low Interest Rates Of An ARM
An ARM?s primary benefit is a lower interest rate. Typically a couple of points lower than a fixed-rate mortgage, an ARM can save you thousands. The downside is that an ARM?s rates can rise.
However, if you are planning to move in a couple of years or expect rates to drop, then an ARM may be worth the risk. If you are worried about rising rates, you can select an ARM with rate and payment caps. There are also ARMs that convert to a fixed-rate after a preset number of years."
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