To Refinance ? Or Stay The Path

[Fred Jones]

Hi All -

Need some mortgage advice. Thanks for helping out. Currently sitting in a 5/1 ARM, at my 6th year and set to adjust in November. I started at 4.125% and currently sit at 2.85%. With the current state of the economy and interest rates rising, I am not sure what to do. I am recently engaged and the fiance will be buying a home in her name. I will then be renting my current house as we move to the new one.

- Loan Amount left: 184000

- House Value: 240000

- Credit score is near perfect

- No debt

The house needs work. Windows, doors, roof maintenace (minor), potential need for HVAC in 5 or so years. Rooftop deck needs maintenance or replacement.

With all the information above, what would make the most sense for me? I have been mostly looking at 203K or a HomeStyle Reno (Fannie Mae) loans. Would it make more sense for me to stay where I am and just pay cash for my repairs? I am scared that the current 2.85% will jump greatly in the next few years so it seems like a fixed loan would be best.

Thanks again for your time and advice!!