I just bought my first home. Property rates in my area are rising at 20-22% so I took out a negative amortization mortgage so my payments would be low. I had planned to sell in 5 years.
Turns out I really like it here and I don't want to move after all! My payments are going to go way up in the next few years. Is it worthwhile to refinance now or should I wait a little while? Will I have to pay for another appraisal? Would it be better to stick out the higher payments? (I actually like my low-paying job, though, so that may not be an option.)