Should I refi my 5 yr adjustable interest only loan?

The real question is will there be a benefit to refinancing... IE, lower payment, lower interest rate, etc... the only one that can answer that question is you... there is not enough information provided for me to properly advise you one way or the other... what are the terms on your current loan?? What is the interest rate?? what is your home's value?? are you underwater?? if you can lower your interest rate, and you intend to live in this home for any length of time, then it could very well be worth it... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. He can also type up a "Total Cost Analysis", which would give you the information you need to decide if the cost of refinancing offers enough benefit for your scenario. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

To make sure i understand what you are saying, you put 20% down then obtained a 1st mortgage (30 year fixed) and a 2nd mortgage (5 yr ARM, interest only) correct? Also, are you trying to refinance just the 5 year ARM or the entire mortgage on the home? Exploring your options is never a bad thing but more information would be needed in order to answer the question - "should I refi". I am mortgage broker licensed in VA, MD & DC. You can reach me at 804-677-8588 and I would be happy to answer all of your questions and see if refinancing would be a benefit to you. Lynn Kinsel, Patriot Mortgage Corporation, Laurel, MD.

The answer is probably yes, however we need some information not in your question. I can give you that answer today or this evening over the phone. Knowing that rates were higher 5 years ago it is highly likely we can provide a lower fixed rate. Also we are very agressive on jumbo rates. Mark WCS Lending 800-485-1387 extension 107

If you got this 5 year ARM "several years ago" and will have it paid off before the 5 years is up, the cost to refi may be more than the interest saved. Also, you may not have the same equity position, meaning the interest rate could actually go up instead of down. Rather than try to diagnose this from afar, the best way to determine if it makes sense to refinance is to work with a local Licensed Mortgage Professional who can work through the numbers with you. Find one here at Lender411, or check out the National Association of Mortgage Professionals at www.NAMB.org. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

The general rule for refinancing is simple. Does it make sense. What are the costs, what are the savings, etc. But if you have a 2nd mortgage from "a couple years ago", and you will have it paid off within 5-years, it would appear that refinancing that loan doesn't make any sense. Contact a local licensed loan officer for a professional review after providing them a full application.