{"id":117442,"date":"2021-03-18T13:04:21","date_gmt":"2021-03-18T13:04:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=117442"},"modified":"2021-03-18T13:04:21","modified_gmt":"2021-03-18T13:04:21","slug":"should-i-refinance-my-adjustable-rate-mortgage-now","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/should-i-refinance-my-adjustable-rate-mortgage-now\/","title":{"rendered":"Should I refinance my adjustable-rate mortgage now?"},"content":{"rendered":"

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If your ARM is reaching the end of its term, now is the perfect time to refinance to a fixed-rate mortgage. Here are the steps you\u2019ll take to get started.<\/span> (<\/span>iStock<\/span>)<\/span><\/p>\n

Adjustable-rate mortgages (ARMs) have been rising in popularity with mortgage borrowers over the past few years. ARMs are a good way to keep mortgage costs low, especially in the first few years of the loan.<\/p>\n

Though ARMs may seem like a great deal, it’s actually a better option to refinance to a fixed-rate mortgage right now. With rates at an all-time low, now is the perfect time to lock in a fixed rate so you don’t have to worry about any sudden spikes.<\/p>\n

\nMake sure to use an online mortgage refinance calculator to determine what lower rates or a longer repayment term could do for your mortgage payment. You can also head to Credible to compare mortgage refinance rates.<\/p>\n

THIS IS THE BEST WAY TO LOWER YOUR MONTHLY MORTGAGE PAYMENT<\/strong><\/p>\n

Why you should refinance an adjustable-rate mortgage now<\/strong><\/p>\n

Many people have hybrid ARMs, which are 30-year mortgages with an initial fixed low-interest rate for either five, seven or 10 years. After the initial period is up, the rate will adjust annually for the remainder of the loan term.<\/p>\n

If you’re nearing the end of the initial term on your ARM, then now is an excellent time to refinance to a fixed-rate mortgage. By refinancing, you’re taking advantage of historically low interest rates and locking in that rate for a longer term.<\/p>\n

If you’re considering refinancing, you should check out Credible. With Credible, you can get prequalified and compare rates from multiple lenders in just a few minutes.<\/p>\n

HOW CAN I REFINANCE MY MORTGAGE WITH BAD CREDIT?<\/strong><\/p>\n

What are the current mortgage refinance rates?<\/strong><\/p>\n

Over the past month, mortgage rates have been slowly rising but refinance rates are holding steady at near-record lows. Depending on the term length you choose, here is what you can expect from refinancing rates:<\/p>\n