I have about 6 years, 6 months left on a 15yr mortgage:
Type: 15 year conventional mortgage (no PMI)
I am seeing 5/1 ARM refinance rates of 2.625% (2.808% APR) at Wells Fargo. Two questions:
- Would a 5/1 ARM make sense for my situation? When I put my info into refinance search engines like Zillow for 5/1 or 7/1 ARM, no lenders come up.
- If so, does it make sense for me to refinance to a 5/1 ARM at this lower rate? It seems I could make an additional monthly payment of about $95 on my current loan to pay it off in 5 years.
Thanks in advance.