That was basically my thoughts as well, FSD. If I refi now, I will automatically go into a higher rate than what I am guaranteed to have for at least the next two years.
But I did pull up and ck my note. (I promise that I knew my terms well at the time, they just got fuzzy over the years)
My Index is indeed the LIBOR. My rate is the LIBOR +2.25. My one year cap is 2% and and my maximum is 9.125.
I could not close escrow for two years. So maximum I guess I could get to is 8.625. But wouldn’t that be close to what I would have to refi into since I would be paying non-owner occupied rates?
My P&I at the highest end would be I figure about $2600. Obviously a lot more than I started out at but not beyond my ability to pay.
