You cannot go from an adjustable rate to a fixed rate mortgage and lower your payment. The low introductory rate on your ARM was artificially low. The loan officer probably told you that by the time your mortgage adjusts, you can refinance or sell to get out of it. Unfortunately, that payment may be more [...]
Many home owners that have ARM home loans are unable to refinance their mortgage for a variety of reasons. If you are one of these home owners take the time to read this article because it will give you some valuable tips on how to save your home from your adjustable loan. Why You Are [...]
Adjustable rate mortgages, or loans with fluctuating rate changes, are not as frightening as you may think. The common fear is that the rate will change and become impossible to handle. For this reason, many people choose a Fixed Rate Mortgage instead which has a constant interest rate. Before making a decision, you should consider [...]
Even after all of the news about people losing their homes because their mortgage loan payments adjusted to a point that they couldn’t afford, why would anybody consider an adjustable rate mortgage (ARM)? Adjustable rate home loans do carry more risks than fixed rate loans. They are not for those trying to squeeze into a [...]
Mortgage rates can either be fixed for the duration of your loan or can be adjustable. An adjustable rate mortgage is a loan that is set up with an interest rate that changes based on pre-determined criteria, primarily tied to the federal interest rate. If the interest rates are up, then your interest rate on [...]
Seeing there are mortgage industry horror stories that can keep you from falling asleep. Are you sensitive to the implications of an ARM reset that has probably turned your beautiful house into a house of debt? What if your mortgage company went bankrupt while working your loan? Do not panic. We have the data on [...]
Planning to buy your house you will face the following dilemma: which mortgage is the best – the fixed rate one or the adjustable one? But before deciding which the one suitable for you is, you should first get familiar with the pros and cons of each of the decision. But from the perspective [...]
The biggest benefit to refinancing your house is that it allows you to get a lower interest rate resulting in you paying less money per month than you currently do. Mortgage refinance has developed into an exceptionally popular way to go in today’s age with the obstacles of home finance. Mortgage refinance, or home [...]
Should I refinance my home loan if my ARM loan is about to adjust? There are many factors that impact whether or not you should refinance an ARM loan prior to a scheduled rate adjustment. For example, if your credit scores have improved since you closed your current mortgage, you may find that you qualify [...]
When is a good time to refinance your mortgage to a fixed rate loan? The very best time to refinance is when the interest rates are at an all time low. If you’re waiting for this option, you’ll want to follow the market and keep an eye on what direction our financial leaders are heading. [...]
