To determine which option is best for you depends on how long you plan to stay in your home.
- If you plan on staying in your home for a long time, it’s best to refinance to a fixed-rate mortgage to prevent your payment from rising, and will remain stable for the remainder of the loan’s term.
- If you plan on staying in your home for a short time, you may want to consider refinancing to another adjustable-rate mortgage ARM. You can stop your current mortgage payments from increasing, while taking advantage of an even lower interest rate on your new home loan.
For expert advice on the best refinance option for you, contact one of our experienced PERL mortgage advisors at one of our locations or call toll free 1-888-202-7490
Learn more about refinancing your current home loan: