RolyPoly,
You and millions of others just crack me up.
Mortgage rates are near HISTORICAL lows; within the last 30 days they WERE at the lowest rates EVER, and you want rates to drop (hopefully) this summer ?
What do you want ? a 2% mortgage ? I guess it’s possible.
Since the FED cut rates 1.25% a few weeks ago, long term mortgage rates have gone up.
I’m in the mortgage biz, take it for what it’s worth.
Your option #1 would be dumb.
It could go up again in Feb ’10 and again after that.. why risk it when you could get another “no cost” 5 YR ARM for around 5.25% today, and buy yourself an additional 4 years of a fixed rate, and pay it off over the next 5 years if you wish.
(A 5 YR ARM with costs are in the mid 4’s today)
#2 I think that a 15 YR mortgage is a huge mistake for most people. It obligates you to a higher payment and restricts many lifestyles.
If you want to pay it off, why would you want #3 taking money out ?
#4) Way too conservative and not advised for most people who are still in their earning years.
The best answers depend on your overall financial & income picture and goals.
Find someone that can explain your options for your personal situation. It will depend on what you actually qualify for, which requires more info than you have provided above. Good luck.
