~When is the best time to change an ARM
to a fixed-rate mortgage
 If the term of your adjustable rate mortgage is just about up, it's time to consider a 15-, 20- or 30-year fixed rate loan.
 Once your adjustable rate increases, it could be too late to lock in an ultralow fixed rate mortgage. But although no one knows what new mortgage rates will be on any given day, they will still be near their 60-year lows.
 Refinancing is not in the best interest of some people with an ARM. Because closing costs on a new mortgage will run about 2 percent of the loan, you will be better off paying the increased rate on your ARM if you know you will be moving in the next few years. According to Money magazine, it could take up to five years to recoup the cost of refinancing to a fixed-rate loan.
 If you decide to refinance, Cleveland-area financial planner Connie Stone says your best chance for lower closing costs is with your original lender, which may be able to waive some fees.