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My ARM loan is ready to
adjust, what should I do? My ARM loan is ready to adjust what should I do? - Over the course of the next few years there are going to be a lot of consumers who obtained ARM, adjustable rate mortgages, that are going to be getting ready to make their first adjustment. Also, there are many people who are not sure what they should do at this point. Should they refinance? Should they wait? Is refinancing going to be worth it. Refinancing should definitely be considered, especially due to the fact of the uncertainty of the US economy. The worst thing you could do at this point is hold off and then watch rates skyrocket along with your adjustable rate mortgage that you waited to refinance. Consult a mortgage professional today at 888-418-4467 or dave@gofirstsecurity.com and explore your options before it is too late. You should definitely contact a mortgage professional within two to three months prior to the time your ARM is scheduled to adjust. Many people who took out Home Equity Lines Of Credit 2 years ago have seen their rates rise dramatically. Home Equity Lines of Credit (HELOCs) are directly tied to the prime rate. In 2004 the prime rate was as low as 6%, thus so was the rates on HELOCs. In 2006 that rate had gone up to 8.25%. Many have seen their monthly payments increase substantially because of this. Homeowners are refinancing out of their HELOCs and combining it with their first mortgage into a more stable fixed rate. Many customers choose to take an ARM because their credit was poor, or they didn't have any money for a down payment, or some other reason that prevented them from getting the best fixed rates. If you are one of these people and you have been working on your credit for the past two or three years, and your home has been gaining equity you have many more options available to you now. ARM Refinancing - With so many consumers obtaining adjustable rate mortgages over the past few years there are millions of consumers whose mortgages are getting ready to make their first adjustments coming up soon. Therefore, there are many people who are going to need to look into the idea of refinancing their mortgages pretty soon. Call a mortgage professional immediately at 888-418-4467 to begin the refinancing process so that you are not stuck with a considerably higher interest rate and payment than what you started with. Rates are still at historic lows and most homeowners can benefit from a refinance whether it be a debt consolidation or ARM to fixed rate. It's a good idea to call a mortgage professional to discuss refinancing options at least two months before your current mortgage is scheduled to adjust. It's important to be informed about your adjustable rate mortgage. Many homeownwers are painfully unaware of the terms and conditions of their most important financial instrument - their mortgage. All of the information that you need to know exactly what is going on with your mortgage loan is contained in the note. If you have trouble reading or understanding the note, call me. I will be glad to help you review it and know exactly when any changes are taking place and what will happen when they do. After the initial adjustment, your ARM can adjust every 6 months to 1 year again and again, depending on your loan program. Many adjustable rate mortgages (ARMs) also have a pre-payment penalty. The adjustment period usually begins at the same time the prepayment penalty period ends.
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Information listed above is to be used for educational purposes only and is not guaranteed
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