Adjustable Rate Mortgage - Some Solutions
We've showed you the problems.....let's look at possible solutions:
Let's make this easy. Request one of our easy to read Mortgage Proposals. We will provide three different terms/plans for you! Call or email today for your's! 440-247-5656
- Refinance your current balance into a FIXED rate mortgage - Yes, all mortgage rates have increased in the last year, but even today's FIXED rates are lower than your future adjusted rate. Let's convert your balance to a FIXED rate and move forward knowing your interest rate will never increase.
- Refinance your current balance into another ARM loan - You heard that right. Like in the past, current ARM loan rates are lower than current FIXED mortgage rates. You could "re-load" your ARM loan giving you another 5, 7, or 10 years before it adjusts again.
- Have a second mortgage / HELOC loan? - Chances are that loan is a variable rate too. Why not combine the two loans into one with a FIXED rate mortgage?
- Step down to a 15 or 20 Year Mortgage - Who doesn't want to pay their house off sooner. And, the shorter the mortgage term, the better the interest rate. Let us run the numbers for you!
- Ride out your current ARM rate to the end of the initial fixed period then "figure it out". - A REALLY REALLY bad idea. The forecast is for current FIXED and ARM rates to continue to increase. Holding off to grab a few months of a low rate will likely result in you locking in a much higher rate for the remainder of the mortgage term.