Currently looking to refinance my first home (4.125) and considering a few options. What do you recommend?

Background: 36, single and hoping to meet someone, would move from townhome at that point. Would like to save on interest & reduce costs in the time being. No other expenses but car is 10 years old and would prob need a new one within 5 years.

Loan amt: $220k
Current Principle + Interest 4.125% : $1104

Refinance options:
7/6 arm 2.25%: $848
30 yr 2.87%: $920

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I would go with then 30 YR fixed. Your payments could balloon if rates rise significantly

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I’d do the 7/6 if you realistically think you’ll be looking to move in the next 7 years.

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5/1 ARM

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30 year. Pay the minimum and invest the extra in the market given the low interest rate. You might decide you want to rent out or decide you want to stay in the townhouse when you meet someone

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If you moved from the townhome, would you rent it out? Or would you sell it?

If you might keep it, go 30 year so your monthly payment is predictable. If you know you would sell it (or maybe cash out refinance to get money as a down payment) then an ARM is probably fine.

I’d lean towards the ARM then, and possibly do a cashout refi into a 30 year if you need money for a down payment on the next property.

I just refi’d a 250k mortgage to 2%

D1 - with you there. Have 11 years left on student loans at 2.9% and 29 left on the mortgage at 2.6%. Neither is seeing any money any time soon.

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