Life brings enough surprises; your monthly mortgage payment shouldn’t be one of them.

Adjustable-rate mortgages can be very attractive for a number of reasons, including their low initial payment and rate. Like all things, however, this rate—and your situation—can change. There isn’t a one-size-fits-all approach, but we’re here to help find the right solution for you.

When considering refinancing to a fixed rate, it’s important to ask yourself some questions:

Do you plan to live in the home for 10 years or longer?

If so, a fixed-rate mortgage may be strategic as you can lock in a competitive rate that will not change over the course of your loan life. Speaking of loan life, you control your fate! Want a lower payment? Choose a longer loan term. Want to pay off your loan faster? A shorter loan term will help you achieve that goal.

Do you plan to live in your home for the next 5 to 10 years?

Refinancing into another ARM may help you secure a lower interest rate when you’re looking at a shorter dwelling time. Locking in a lower rate for a specific time, such as 5 or 7 years, can be win-win as you enjoy the benefit of a stable monthly payment combined with a higher monthly cash flow.

Can you afford the new fixed payment?