Adjustable Rate Mortgage - Some Solutions

We've showed you the problems.....let's look at possible solutions:

1. 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.
2. 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.
3. 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?
4. 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!
5. 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.