each one is different. There may a pre-pay penalty period. But, if your interest rate has risen rather high, maybe locking into a lower rate is worth paying the penalty.
In deciding whether to refinance an adjustable rate mortgage (ARM) you should consider these
questions:
Is the next interest rate adjustment on your existing loan likely to increase your...
Yes they are fixed and adjustable, if you are expecting bigger income soon or selling the house in the next 5 years then adjustable is recommended, otherwise its much easier and simple to have a...
Generally mortgage can be refinanced but only if you are looking to reduce mortgage payments, as it can be done at lower interest rate. Actually if you want to make a multiple refinance then it will...
Presuming you have a prepayment clause (standard) and no uncommon mortgage terms specifying how long the loan must remain in place. You can refinance at any time after the loans was made. The day...
Reasonable refinance rates for a mortgage is quite complex. It actually depends on what type of mortgage you wish to lock into. For example, a 5 year variable rate can start as low as 2.5%, where as...