What would be the best option when i refinance my house?

Barrett
I plan to sell my house in 2 years and I have an adjustable rate of 5.75 percent and it will adjust next August of 2points.I'm afraid that my home will not sell before my rate increases and I'm afraid that it may take a while before it sellsI was thinking about refinancing to a fixed rate at my bank I have the option of 6% for 25years at $663 - 5.75% for 20 years at $711 and 6.25% for 30 years at $639.My payments are now at $628 at the ajustable rate of 5.75 which will increase 2points next August.Should I stay at the ajustable rate or refinance to a fixed rate until I can sell the house and if I should, which rate would be better?I've been in the home for 5 years.

Lashandra
If you have an adjustable rate mortgage, refinance to a fixed rate ASAP. The rest of your information is secondary. There is NO SUCH THING as an ARM that is a good deal for the borrower. ARMs were invented to protect the BANK from higher interest rates. As far as WHICH loan to get, the lower rate, shorter term loan is ALWAYS best is you can make the payment.

Buffy
Since you will be keeping the house for at least 2 more years, refinance. You may want to shop around a little more for better interest rates.

Gene
First to need to find out what fees you'll have to pay to do the refinancing. They can be several thousand dollars. Next you need to consider the likelihood that you'll actually be able to sell in 2 years, which depends on your local market.After that, just run the amortization tables for your current situation and the 5.75% 20-yr case, taking the fees into account.