I've been a lurker on r/personalfinance for quite a while and would really appreciate your take on whether it would make sense to refinance our mortgage. It seems as though rates are trending up, so I'm wondering if it makes sense to refinance now or hang on until or mortgage adjusts in 2019. Thanks!
Current Mortgage (Through credit union) 30 Year ARM, Currently 3.875%, rate change every 5 years (Max 2% increase) Original Loan Amount: $565,000, July 2014 Current Loan Balance: $535,445.40 Next Scheduled Interest Rate Change: July 2019 Current Home Value; $580,000 - $620,000 ARM Index: Weekly Average Yield US Treasury Index Rate: 1.594% Margin: 2.0% Rounding Factor: 0.125% Monthly Payment (Without property tax/insurance): $2,656.84 Household Financials Combined Annual Income (Myself and Wife): $210,000 Credit scores: Both 820+ Outstanding Debt Auto Loan (Through same credit union): $23,006, 2.49% Student Loan (Wife): Aprox. $16,000, 6.49% No credit card debt or other loans. Savings Cash: $11,000 401k(s): $250,000
Submitted April 01, 2017 at 08:05AM by PM_me_a_cookie http://ift.tt/2omRb8j
