We won't be in this house longer than 5 years. Should we still refi into a 30-yearfixed?

If you know you are short term...I 5/1 arm could be your best option...It will save you money vs the rate of a 30 yr. As for interest only that would be a choice if paying principal down is not a concern, unless you send a principal on top of the required interest only payment.Feel free to contact me at 562.254.5616. Regards

If you know for certain you wont be in the home for more than 5 years, then a 5/1 ARM would be ideal.. But IO loans are not a conforming loan product, so most likely the rate would be higher making the 5/1 not so appealing.. you should have your loan officer put together several quotes along with amortization schedules to show you what your payment would be, what the potential savings would be and what your payoff will be in 5 years.. then you will have the necessary info to make an informative decision.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

There are many considerations... Are you 100% sure you won't be there more than 5-years? If so, heck ya, take a 5-yr or maybe a 7-yr adjustable loan. You'll save over a 30-yr fixed rate, and be out of the loan before it ever adjusts. Interest only is a whole different story. Not a big fan of that... But treading water on your loan can make sense for some people. Look at the rates and the payments between the fully amortizing payment and the interest only. Interest only isn't the same as it was 10-years ago, and tends to have little savings value today. Good luck!

30 yr fixed rates are so low maybe a .5% off from a 5/1 arm, so if your not positive and I would look to a 7/1 are 30 yr. fixed BUT if I had more information to go on I could analyze your situation for you. Give me a call Ralph Guertin bayburg Financial 954-274-7725 or email at ralph@absolutelowrates.com

If you know for sure you will be out in 5 years you should really consider the 5/1 or 7/1 ARM. The 7/1 might be a nice alternative to give you a couple more years of cushion. However, if there is a possibility that you will move out and keep it as a rental you should go with a 30-year fixed. Have your loan officer show you all three options so you can compare the cost vs. benefit. Best wishes, Sean

With home loans I like to stay on the safe side. I would go with a longer loan term like a 7 year ARM or a short term fixed loan.