Refinance my ARM now or later?

Now that you are not living there this will have to be refinance as a investment property and rates on investment homes are less than what you have now so I would say yes.

Rates on rental properties are higher than for owner occupied properties, but still lower than what you have today. There are a couple of things that could trip you up, but I would recommend you try. Find a local Mortgage Banker or Mortgage Broker (MB). Generally they are more helpful than what you get from the big banks. If your plans are to keep the property for investment purposes getting out of the adjustable while rates are so low is probably smart. A MB will help you analyze your situation. Do you have enough equity, what is the cost to refi, new rate, time to breakeven (cost vs savings) so you can properly decide.

Rates for an investment property are higher than residential if you are going to keep the house long term you should go ahead and refinance you can probably get 4.5 rateIf you want I can send you an estimate in the morningRegards

I would definitely look at refinancing. The 30 year fixed rate for an investment home is currently around 4.25%. That rate will depend on the market value and your credit score. We do not charge any fees up front. We only charge fees if the loan closes. So, there are no up front costs and it won't cost you anything to look at the numbers. Please call me at 678-486-7801 so we can discuss your options.Sincerely,Nick RappleanSenior Loan Officer678-486-7801 Direct

When it comes to investment properties, it's all about leverage and cash flow. Based on the fact that you bought your home in 2008 as a primary residence, your existing loan-to-value (leverage) maybe higher than when you bought considering home sales and values have declined in every county surrounding Atlanta since 2008.

If you plan to keep the home for more than 3 years, you should look at refinancing now. The rate should be lower than what you have but it will depend on the current value. For a qutoe, call me at 770-971-7880.Ron Byrne