I have a 15 year fixed mortgage at 4.25%. Remaining balance 167.754 due to be paid 8/1/2015. I pay an extra $200 payment towards the principal each month. I'd like to pay the mortgage off in 6-7 years.
With the current low interest rates on ARM's, does it pay to refinance to a 7/1 ARM; could I made extra payments on this type mortgage?