I am looking for my mortgage refinancing option, since the rates have now dropped significantly. I am looking at 7/1 arm option but am confused which lender to go with. should I go with big lenders like boa wells fargo etc, or is it ok to seek out lenders like rocket mortgage and other to get the cheapest rates? are they safe to use in term of security? what things should i be looking for in terms of security? Bay area jumbo loan 750k.
Why would you get 7/1 arm if rates are low? If rates are low you should lock it in for as long as possible.
Agree with this.
Here is my simple maths I have done to help me with this situation. I plan on finishing off my loan early for sure. Now that I have established that I understand 7 years is a bit ambitious and might not be possible but that's ok. The interest rates are higher for a 30yr fixed vs 7/1 with an approx difference ranging from 0.375 to 0.625 or even more. Now my plan is that if I go for 7/1 for first 7 years and then do a fixed 15/10 years after that it might give me the least interest I pay. Even if the rates are slightly higher at that time 15 yrs rate would be much better than 30 yr fixed. Given my plan, and my salary appreciation i feel its better to give least interest rates from beginning and then refinance with least interest rate at the time with the remaining balance to reduce the interest I pay during this whole process.
Check Provident Funding
30 year fixed is what you mean and shop around or start with Costco and have them do it for you.
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WF beats any rate around. Refinanced recently
WF is currently the highest so just moved wf to citi. Make sure to shop around. Wf was the best last year and the worst right now.