is it time to look for refinancing?

[Hitman]

6.5% lo ఉంది . ఎదో Arm 3/5 అంట <5% అంటున్నారు 

[Abhagyudu]

Ekkada bro? Can you share the lender name 

[jpismahatma]

3 hours ago, Hitman said:

6.5% lo ఉంది . ఎదో Arm 3/5 అంట <5% అంటున్నారు 

Trust dump tatha

[Hitman]

31 minutes ago, Abhagyudu said:

Ekkada bro? Can you share the lender name 

Ask your lender ARM 3/6

[Hitman]

Grok…

It looks like you’re asking about a 3/6 Adjustable-Rate Mortgage (ARM). A 3/6 ARM is a type of home loan where the interest rate is fixed for the first 3 years (the “3” in 3/6), and then adjusts every 6 months (the “6” in 3/6) for the remaining term, typically 27 years, assuming a standard 30-year mortgage.

Here’s how it works: During the initial 3-year fixed period, you get a lower interest rate compared to a typical 30-year fixed-rate mortgage, which can mean lower monthly payments. After that, the rate adjusts semi-annually based on a financial index (like the Secured Overnight Financing Rate, or SOFR) plus a set margin determined by your lender. The adjustments are usually capped to limit how much the rate can change at each adjustment and over the life of the loan—common caps might be 1% per adjustment and 5% total, but this varies by lender.

For example, if you started with a 3% rate on a $300,000 loan, your monthly payment (principal and interest only) would be about $1,265 for the first 3 years. If the rate then adjusts to 4% after 3 years, your payment could jump to around $1,400, depending on the remaining balance and terms. These numbers are rough estimates—actual payments depend on your specific loan amount, rate, and caps.

This type of mortgage might suit you if you plan to sell or refinance within a few years or expect rates to drop in the future. However, it carries the risk of higher payments if rates rise. Want me to dig into current 3/6 ARM rates or compare it to other options for you? Just let me know!