Case Study

Alan and Karen bought their home in November 2005 wanting the lowest adjustable rate mortgage they could find. Believing that they would stay in their new house no more than 5 to 7 years, they selected a 5/1 ARM at 5.50% with zero points. A year later they inquired about refinancing their $400,000 mortgage and wondered if rates were better. As it turned out, rates were about the same, but we were able to offer them a new 5/1 ARM at 5.50% with no closing costs.

This was a great benefit to Alan and Karen because it extended their low introductory rate by an additional year, thus making their 5/1 ARM a 6/1 ARM at no cost to them.

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