Refinancing Your 5/1 ARM . Refinancing your 5/1 hybrid arm before the end of the 60-month fixed-rate term might be a good idea, especially if mortgage rates are low at the time and you’re afraid that they could go up in the future. But keep in mind that refinancing comes at a cost. In addition to having to apply for a refinance loan and complete a lot of paperwork, you’ll have to pay for closing costs again.
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5 refi blunders to avoid The downside of a shorter-term loan is the monthly payments on the refinance are higher. For example, a $300,000 5/1 ARM at 3.25 percent would have a monthly principal and.
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A 5/1 hybrid adjustable-rate mortgage (5/1 hybrid ARM) begins with an initial five-year fixed-interest rate, followed by a rate that adjusts on an annual basis. The "5" in the term refers to the.
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After the initial introductory period the loan shifts from acting like a fixed-rate mortgage to behaving like an adjustable-rate mortgage, where rates are allowed to float or reset each year. If a loan is named a 5/1 ARM then what that means is the loan is fixed for the first 5 years & then the rate resets each year thereafter.
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Most 5/1 ARM’s will have a lifetime payment cap that limits how much the interest rate on your loan can rise. If you plan to move or refinance prior to the end of the first 5 years of your mortgage, a 5/1 ARM may be right for you.