jimnjana
Thinks s/he gets paid by the post
I currently have a 5.67% 10 yr ARM on our second home that adjusts in about 7 yrs. I'm thinking of refinancing our paid for primary residence to use funds to pay this mortgage off. At the time I refinanced to the present rate I was using the property as a rental. I know the general rule about if you can lower your rate by 1% it may be beneficial to refi, in my circumstances I just want to eliminate the uncertainty of future rate direction. I have plenty of equity in the primary residence as home prices in our area have held up better than average. I would have to bring money to the table to refi 2nd home as property values in florida are down. So I think I should wait for rates to drop further but I think the time to refi will be coming soon perhaps in 2009. Refi now, or wait a bit longer thats the question ... thanks
Jim
Jim