What the financial crisis means – for Borrowers with Adjustable Rate Mortgages (ARMs)

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.

December 16, 2008 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

Visit Authors Website →