Posted by Charles Clark on January 16, 2003 at 14:41:18:
Hi Letise,
It might be a good idea to convert now, that way you will be able to keep one of your costs constant.
You do not mention how long your ARM has left, but if it is a shorter period, that is another reason to lock up things.
The major disadvantage is that your rate may go up a bit, but you should be able to get in the 6% range, so not too much. Hope that my opinion helps.
Charles Clark neiloans@hotmail.com
Posted by Letise Ivory on January 16, 2003 at 09:54:50:
I plan to move out of my condo within the next 2-3 years and I want to keep it as a rental property. I currently have an ARM at 5.5% and was wondering if it’s a good idea to convert to a fixed rate mortgage now especially since the interest rates are so low. What would be the advantage/disadvantage of doing this?