Which loan would be better for refinancing?
Would a 3% 3/1 VA ARM, annual cap of 1% and a lifetime cap of 5% be better to a 4.25% FRM for 25 years in order to lower my monthly payments? I plan on keeping the home for the rest of my life. by harold_665_832 from Plano, Texas. Nov 10th 2011
Richard Woodward (RichardWoodward)
#37 ranked lender in Texas - 106 contributions
By far the fixed rate would be better for you as the ARM will without a doubt go higher in the future. It seems to me your rate is a little too high for a 25 year loan. I am offering VA 30 year fixed rate mortgages today with rates in the upper 3's. I am just up the tollway from Plano. You should call me. 972-661-5136
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Other factors are need to properly answer your question, but on the surface, a fixed rate mortgage for someone who plans on keeping their home for life is more than likely the best bet... WilliamAcres.com
Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions
The fixed rate is your best option you will elliminate interest rate risk in the future you may also consider a 15yr mortgage. We're 4% for VA 30 and 3.5% for 15 in Texas.I can be reached at ballen@accessnational.com or 240-750-8315
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