"Ended up moving sooner than planned and barely covered the refi costs."
That's a tough spot to be in. I've seen similar situations where folks underestimate how quickly their housing needs can change. Curious—did you consider adjustable-rate mortgages at all, given your shorter-than-expected timeline?
"Ended up moving sooner than planned and barely covered the refi costs."
Been there, done that... refinancing can feel like playing mortgage roulette sometimes. Adjustable-rate mortgages can be handy if you're pretty sure you'll move soon, but honestly, life has a funny way of changing plans on us. Did you at least manage to snag a decent rate before things went sideways, or was it one of those "seemed-like-a-good-idea-at-the-time" moments?
"Adjustable-rate mortgages can be handy if you're pretty sure you'll move soon, but honestly, life has a funny way of changing plans on us."
True, but I'd caution against relying too heavily on adjustable-rate mortgages even if you think your timeline is short. I've seen plenty of clients who were "certain" they'd move within a few years, only to find themselves stuck when the market shifted or personal circumstances changed unexpectedly. Sometimes the security of a fixed rate—even if slightly higher—can save you from headaches down the road.
I think that's a fair point—I've actually had a similar experience myself. A few years back, I took an adjustable-rate mortgage because I was pretty confident I'd be relocating for work within three years. But then the job fell through, and suddenly I was stuck with rising rates and scrambling to refinance. Lesson learned the hard way... sometimes paying a little extra for certainty is definitely worth it.
That's a tough spot to be in—I see it happen more often than you'd think. Adjustable-rate mortgages can be a great tool, but they're definitely not for everyone. Reminds me of a client I worked with a while back. She was dead set on an ARM because the initial rate was so attractive, and she was convinced she'd sell the house within five years. Well, life happened—she got married, had twins, and suddenly that "temporary" home turned into a long-term family nest. When rates started climbing, she was stressed out big-time trying to refinance before things got worse.
We managed to get her into a fixed-rate loan eventually, but it wasn't easy or cheap. She ended up paying more in closing costs and fees than if she'd just gone fixed from the start. But hindsight's always 20/20, right? Sometimes it's worth paying a bit extra upfront just for peace of mind.
On the flip side, I've also seen ARMs work out perfectly for people who really do move or refinance within their planned timeframe. It's all about knowing your own situation and risk tolerance. Curious though—did you find refinancing straightforward once you decided to switch to a fixed rate, or did you hit any unexpected bumps along the way?
