Q: Can I refinance into a 25 year variable-rate mortgage in New Jersey instead of a fixed rate / fixed term loan?
A: Absolutely. There are no restrictions when it comes to selecting an ARM versus a fixed rate. However, you must be aware that while rates are ARMs can be eye-poppingly attractive, they will change in the future -- and are likely to rise, perhaps substantially. Don't think that you'll automatically be able to refinance out of your ARM -- that's a mistake that many sub-prime borrowers made, leading to the present market mess.
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