Refinancing my 5/1 ARM.... any advice?

[ithaca]

I bought my home 4.5 years ago using a 5/1 ARM at 5.1%. I currently owe $117k on the house which is worth $165k-$170k (I bought it for $158k). I would like to add about $10k onto the loan and put that full amount back into the kitchen (refrigerator, range, dishwasher, microwave, counters, floor).

So I'm looking at about a $127k loan. I don't know if I'll be staying in the house 6 more months or 6 more years, but either way I think it would be wise to upgrade the kitchen. What are my best options for refinancing? Any good online lenders with low closing costs? Any advice is appreciated. Thanks!

[maat55]

The refi will cost you around 3000. Knowing how long you will be there makes a difference. You will probably need time for more appreciation to occur, to make this deal worth while. I would still move to a fixed rate in either case.

[cooliemae]

I would suggest you check out bankrate.com


You can search for rates in your area.