Looking at a refi 5-1 ARM
Hello BP,
I have 5 rental properties that I have owned for 3 or so years now that have significantly increased in value. Each property is mortgaged so Ive started looking into options to access the equity and one of the products I've been looking into is a refi 5-1 ARM, 30 yr amortization. Looking to get some advice on whether that's the best option or if there are other creative ways to tap into the equity!? Also, if anyone could recommend a lender(s) they've used in the past I would greatly appreciate it!
Cheers!
Most Popular Reply
ARM loans are pointless in today's market. Many of my lenders stopped offering them because how unpopular they've become. ARM loans are only .2% lower in rate than a 30-year fixed, and with rates being at/near all-time lows, why not lock it in permanently?