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I tend to use a mortgage broker vs. a bank. The broker will attempt to find the best rate offered by several banks and lenders. Some companies will pay your lending fees if you have excellent credit. I would roll the costs into the loan otherwise. As others have suggested I would make the term of the loan as short as possible. There are some great rates available at the moment so that should help. Either way you have to get out from under the ARM. Once the balloon payment passes the rate will probably be much higher than a conventional loan. I can PM you name of the broker I use if you like. He is a great guy. If he can help then great. If not then no harm done. I believe he is only licensed in MO though. Where do you live?
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