"With rates at or near record lows, refinancing your mortgage could be a smart financial move. Educating yourself on the different loan programs available and considering your short-term and long-term...goals will help you make the most informed decision. Ultimately, you need to consider how much longer you want to live in your home and how much you will actually end up saving if you refinance. After factoring in closing costs and fees, changing your loan program may be one of the best financial decisions you'll ever make. Consider these mortgage plans when choosing the best option for you.
Mortgage plan: 1- to 7-year adjustable rate mortgage (ARM)
Ideal for: Reducing the monthly loan payment so the mortgage becomes a little more affordable. ARM loans can also be a good option if you think interest rates will stay about the same for the next one to seven years -- if they fluctuate a lot, you could end up paying more than anticipated. These are also a good match for homeowners who think they might move within 10 years. If you can afford a higher payment in the event of a rate increase and you're planning to move in the near future, talk to your lender about an ARM loan instead of a fixed-rate loan." For more information on how to assist you with your mortgage decisions please, contact Noni Milner at NeighborWorks Columbus (706) 324-4663
Resource: http://homes.yahoo.com/news/choose-mortgage-plan-161600334.html and http://www.nwcolumbus.org/bios/about/staff.aspx
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