Americans looking to buy, sell or refinance a home are confronting a very different market from the one that existed just a few months ago. And it continues to change!
What does this mean for you and your current mortgage?
For Borrowers with Adjustable Rate Mortgages (ARMs)
If your ARM is scheduled to adjust in the next 2-18 months, schedule an appointment with a mortgage professional right away. Whether your ARM is sub-prime, Alt-A, or even if you have a pre-payment penalty, don’t let a default or foreclosure situation sneak up on you. Did you know that your monthly payments can increase anywhere from 30% to 100% once your loan resets? At the very least, give yourself the peace of mind of knowing what your adjusted payment will be.
By Taum Hemmingsen, owner/broker of Marketline Mortgage, LLC. For a free consultation or to speak with him directly, he can be reached at 480-967-8286.
{ 3 comments… read them below or add one }
Mr Mogul 12.17.08 at 8:43 am
I agree. It pays to talk to a professional, since the rates can run inversely proportionate to the expected outcome (interest rates down, payment may not go down, monthly payments could increase without rate increases, etc.).
johny homeowner 12.17.08 at 4:58 pm
As most of them are, my ARM mortgage is tide to the LIBOR index. That is the one we have to look for. My mortgage just adjusted and I am paying almost $300 less.
But don’t forget, the guy with the article is a Mortgage Broker.
John Wake 12.17.08 at 5:54 pm
johny,
$300 less! Cool!
What can you tell us about the loan and why it went down?