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04-27-2010, 07:33 AM
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What is a 5/1 AMR mortgage and is it worth it ?
We only have about 7 years left to pay on our home (refinanced to a 15 yr. mortgage) but the monthly payments are high.
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04-27-2010, 07:39 AM
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Are you thinking of refinancing the balance to a longer term to reduce the payment? If so I'd need some numbers to run for you to see if it would make sense.The key to an ARM is margin after the 5 years.Again, I'd really need more information to give you the right answer.5 Year Rate:Margin:Term you are going to:Balance to Refi:Current P&I Payment:Total Closing Costs for the Refi:If you can add these things to your question I'd run the numbers for you and let you know.
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