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Reply to "What to do with mortgage savings?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Why not refi to a fixed rate?[/quote] Because it would be a jumbo, at a full point (or more) higher than the adjusted rate of the ARM. [/quote] Of course it is going to be higher. But what about ten years from now? Rates may stay low for 2-3 years, but not 10-30 years. You would be a fool not to switch to a fixed rate. [/quote] But I can save enough over the next 2 years to pay down and get it under the jumbo rate and STILL get a good rate for the next 15 or 30 years. So I would be a fool to lock in now when I'm only a year or two from qualifying for a much lower rate. Assuming market rates stay low. Always assuming... But really, my question was about the math. Am I better paying down the principal or putting it in the market and hoping my broker keeps up her hot streak?[/quote]
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