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COVID-19 continues roiling markets; See what's happening with mortgage rates today.

COVID-19 continues roiling markets; See what's happening with mortgage rates today.

Can I refinance into an ARM instead of a fixed rate?

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.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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MAR 18, 2020
A:

The answer is "possibly." It depends on the situation.

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Tax deductibility for PMI premiums or MI premiums for FHA loans has been an on-again, off-again kind of thing. For 2019 and 2020, it's back on.

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OCT 31, 2019
A:

There are three ways you can restore your VA eligibility so that you can take advantage of it more than once.

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