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Refinancing a Mortgage from an ARM to a Fixed Rate Mortgage

Do you have an adjustable rate mortgage (ARM) coming up? Now would be a good time to lock in a 30 year mortgage or 15 year mortgage at these historic low mortgage rates.  Adjustable rate mortgages are also low these days but you run the risk of having to refinance again at a later date when rates might not be as low anymore.

30 year fixed conforming mortgage rates are around 5 percent. You can also find mortgage rates under 5 percent at certain banks and lending institutions. 15 year mortgage rates can be had for under 4.5 percent, an even better lock if you can afford the extra mortgage principal payments each month.

If you are a homeowner who has good credit,  payed your mortgage on time but are not able to refinance to take advantage of today's lower mortgage rates because the value of your home has decreased? Well you can still refinance into a fixed rate mortgage. The Making Home Affordable Refinance website (government site) will help borrowers whose loans are held by Fannie Mae for Freddie Mac to refinance into a more affordable mortgage.

Loan Term
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Lender
APR / Rate
Fees / Points
Payment
Different Mortgage
NMLS #324599
License: 324599
5.045%
15-Year Fixed
4.875%
$4,570
Includes 0.875 points for $3,500
Lender Fees: $1,070
$3,138 /mo
Next >
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
5.188%
15-Year Fixed
4.990%
$5,248
Includes 0.812 points for $3,248
Lender Fees: $2,000
$3,162 /mo
Next >
Different Mortgage
NMLS #324599
License: 324599
5.853%
30-Year Fixed
5.750%
$4,570
Includes 0.875 points for $3,500
Lender Fees: $1,070
$2,335 /mo
Next >
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
5.967%
30-Year Fixed
5.875%
$3,972
Includes 0.493 points for $1,972
Lender Fees: $2,000
$2,367 /mo
Next >
Different Mortgage
NMLS #324599
License: 324599
6.229%
5-Year ARM
6.125%
$4,506
Includes 0.859 points for $3,436
Lender Fees: $1,070
$2,431 /mo
Next >
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

You can refinance up to 105% of the value of your home. You mortgage payments must be current on your existing mortgage.

 
Author: Brian McKay
April 28th, 2009

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