What should I do if my 7-year ARM is about to start adjusting next year?

Don't rush into an either-or choice between a full cash-out refinance or going all-in on QQQ. Start by nailing down your adjusted rate cap, remaining term, and current balance, then compare the costs of refinancing against how your monthly payment would change. A refi may only make sense if you're sure you won't sell for the next few years and your credit and income are stable; otherwise, keeping your cash flexible is the safer bet.

First, confirm how far in advance of the fixed-rate period ending you can lock in a new rate—don't wait until the last few months.

Roughly how much principal do you have left at this point? If you refinance, what rate do you expect to get, and how many more years are you planning to hold onto this property? Once we have those two numbers, it'll be much easier to figure out the best approach.

Another angle to consider is opportunity cost: if you put all your money toward your mortgage, you're locking in a risk-free but highly illiquid return. Whether to pay down part of it depends on your emergency fund, tax rate, risk tolerance, and whether that money could be put to better use elsewhere—it's not just about calculating past interest.

You'd better dig out your loan contract and double-check the adjustment cap and the first adjustment date.

Refinance costs and prepayment penalties vary quite a bit from state to state and lender to lender. Some Chinese families prefer the peace of mind that comes with paying off the loan entirely, while others keep the leverage to invest. Ultimately, it comes down to home price expectations in your area, job stability, and your household cash flow.