On a floating loan do you have to go in every 5yrs to refinance the loan or does it automatically roll over

What your referring to is not called a "Floating Loan" in our industry.. it's a ARM, and from your question, it sounds like a 5/1 ARM.. this means that your interest rate is fixed for the first 5 years, and then on the 6th year, and every year after, it can readjust according to your "Adjustable Rate Rider" agreement. You do not have to refinance, in fact I wouldn't recommend it if your loan was initiated 5 years ago, since the rate you signed up for is probably higher than todays rates, so with an adjustable, your payment is likely to stay the same or possibly even go lower.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres 480-287-5714 WilliamAcres.com