[Bill W]

5.75% interest. How much would I save for 4.60% a month.? I want to see if I can shave a couple hundred dollars off by locking in a loan at 4.60 for 30-year-fixed. I now have a 2-year ARM.I have $170,000 remaining principal. I want to see how much I could save per month if I could find a refinance offer of 4.60% per month.Actually my local paper here in Raleigh was reporting rates as low as 4.60% but I can't actually find rates that low, but it may be time to get out of the ARM, as suggested.

[Tiny Dan]

it doesn't matter how much you save 1 dollar or 200 , ARMs SUCKchange it to a fixed rate NOW you will get stuck with new closing costs and fees and all that , it is like buying your house all over again , but you have to get out of the ARMARM loans are HORRIBLE!

[pagodaboy2001]

Can't calculate without principle amount. But I'd switch to a fixed yesterday, because the rates now are as low as they'll probably get. ARMs is what caused so many to foreclose, a fixed eliminates the risk of increasing interest rates.

[ZK]

you probably can save couple of hundreds of dollars. I don't know how much you are going to save but you can figure it out by using a mortgage calculator online. you need to know how much you owe the bank to figure out your new payment.You payment probably includes home insurance, mortgage insurance, and etc. if possible look for cheap insurance. Get rid of mortgage insurance if possible. You can save money this way too.

[ModificationDoctor]

If your current principle balance is $170,000, you could expect to pay about $5,000 in fees to make your refinance happen. So if you went with a 30 year fixed at 4.6%, and a loan amount of $175,000, your new principal and interest payment would be $897.13. Of course you would add monthly taxes, hazard insurance and any mortgage insurance or condo fees to that amount. Hope this helps.

[foreclosureexpert]

One thing I recommend is checking out this site To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. because they do this report that will qualify you with up to 40 different banks or something. Its cheap i think its like less than $40 bucks and you pay a monthly fee of like 30 dollars to update the report anytime and make sure you get the best loan! they qualify you based on the application you fill out so it checks out your situation..i got this and it helped me..hope that helps!