Options for expiring ARM

[Davey]

Hi Experts,

I currently have an ARM at 8.3%.
My own lender allowed me to REFI at 4.738% for 15yr or 5.14% for 30
yr
with PMI (for 5 years). I was told that they cannot break the loan
because the LTV is currently at 92% yet.
The closing cost is about $2500.

Does it make sense to refi ?

Thanks!

[jamesj...@gmail.com]

The math would suggest you refi. On 200K, your currently paying roughly 1500. At 3.5 on a 15 year you pay roughly 1430, stabalizing your mortgage costs and setting a 15 year time period for your financial horizon. Makes sense to me, unless you like to loose sleep over an ARM.