Hey Guys, I have a 2 family house in NYC. I am currently in year 2 of a 5 year ARM (not an option ARM). I am looking to refi to get a 30 year fixed and also lower my monthly payment (currently $3550). I am working with a broker who can do the refi, but it will increase my mortgage balance $9K. So basically it’s costing me $9k to go from an ARM to a fixed mortgage.
My dilemma is should I wait it out and run the risk of the comps in my area getting worse and having a tougher time refinancing in the future, or get myself out of the adjustable now?
Oh yea, there’s no pre-payment penalty on my existing loan, or the new loan if I decide to move forward.
As always, I appreciate any insight or advice.