Can i get a 5 year mortgage plan?

Posted on Sep 9, 2012 in FHA Information

by State Library of New South Wales collection

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15 year fha mortgage rates
by marsmet526

Question by : Can i get a 5 year mortgage plan?
Right now i have a 15 year plan (Wellsfargo) and now only have 6 years to go. I want to lower it to 5 years if i can. My interest rate is 6.5%. I saw online that i can on the Wellsfargo website or that it is offered but it says 5-year ARM & another with 5-year ARM FHA. What does that mean?

Best answer:

Answer by Bert
why bother with re-financing? Simply look up an amortization chart and increase your payments to cause the loan to fully amortize in five years instead of six. Trust me, cheapest it’ll cost you to re-finance.

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