I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their monthly payments by turning their high fixed rate mortgage loan into a much lower ARM. This may be the time, however, to put the strategy in reverse, especially if your adjustable rate mortgage is coming up on the adjustment period.
If you have an adjustable rate mortgage in the four to five percent range, and it is about to adjust, and if you think you'll be in the home for more than five additional years, you'll want to strongly consider refinancing your adjustable rate mortgage to a fixed rate mortgage. Here's why.
Rates continue to remain very low. Fixed rate mortgages in the five to six percent range are very good loans. So, if you have an ARM at five percent, and it could possibly balloon to six or seven percent, now is the time to fix that rate at between five and six percent. Remember, if you intend to remain in your current residence for more than five years, fixing that rate is a very wise move.
This way, you will keep your payment low for the life of your loan, and you will eliminate the worry of an adjustment.
Mark Barnes is the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com. He is also an investment real estate and home loan finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com
Refinancing lenders seems to hold all the cards. They have... Read More
There are many reasons for choosing a home equity loan.... Read More
Essentially there is little difference between the process that one... Read More
A mortgage is a loan, usually from a bank, finance... Read More
It might not be too big of an exaggeration to... Read More
"You've been approved!" The words you have always wanted to... Read More
A house is just perfect with chipped walls and broken... Read More
Self-employed mortgages, as the term implies are mortgages designed for... Read More
As a first time home buyer, there are several things... Read More
Seldom in ones life do we get a chance to... Read More
Buy-to-let took off during the 1990s with the increasing availability... Read More
Outlined below is a useful remortgages guide. Remortgaging has become... Read More
Federal banking regulators have recently expressed some concern over the... Read More
Once you have made the decision to buy a home... Read More
There are many reasons to use the internet to take... Read More
In days gone by, the family typically spent their evenings... Read More
Fixed Rate Mortgages: These loans have a fixed rate of... Read More
Before you apply for a hard money loan, try applying... Read More
Refinancing your house's mortgage is not the same thing as... Read More
If you have less than perfect credit and are looking... Read More
Buying and financing a home today can be overwhelming. Here... Read More
Tuition costs are climbing, housing costs are climbing, it seems... Read More
It isn't difficult to get a homeowner loan if you... Read More
Having just settled in life, you are finding the rentals... Read More
Perhaps you're a homeowner in need of some quick cash.Maybe... Read More
The most common reason most people refinance is to save... Read More
There are many benefits in choosing a remortgage, some of... Read More
Fixed rate or adjustable rate mortgages are two choices of... Read More
Home is the place you inhabit. It is the place... Read More
Sub prime lenders come in two groups: reasonable and unreasonable.... Read More
When the time comes to do work around the house,... Read More
If you want a low interest, low payment mortgage refinance,... Read More
Being self employed has many benefits. When you are self-employed,... Read More
Homeowners facing foreclosure should be aware of unscrupulous lenders and... Read More
There are some definite benefits to doing a cash out... Read More
Are you excited about purchasing your first home? Or maybe... Read More
You've been looking at houses for months, and finally you've... Read More
Mortgage cycling is a system that relies on solid budgeting,... Read More
To make needed repairs to your home without the advantage... Read More
Outlined below are some useful flexible mortgage tips. The most... Read More
Presently council tenants are able to purchase their rented property... Read More
Applying for a subprime mortgage loan online can seem intimidating... Read More
There are two broad types of home equity loans:Term loans:... Read More
You have been paying on your mortgage for quite sometime... Read More
About 29% of current homeowners and a much larger percent... Read More
Home is the place you inhabit. It is the place... Read More
At some point as you're writing out your rent check,... Read More
A house is just that, a house, until someone lives... Read More
A few years ago, if you had a bankruptcy or... Read More
Finding the right buy to let mortgage is crucial to... Read More
Here is a useful guide to remortgages. What is a... Read More
Inflation in the United States is increasing rapidly and home... Read More
Many Homeowners are not aware of all the options that... Read More
Searching for a mortgage can sometimes be a hassle. Where... Read More
If bulls and the bears of the stock market have... Read More
Do you have bad credit that you worry will stop... Read More
Texas was one of the last states to allow homeowners... Read More
Like a big brother keeping notes of the erring behaviour... Read More
Have you ever noticed how hard it can be to... Read More
Thanks to the combination of low interest rates and skyrocketing... Read More
Have your home's appreciation grow twice as fast.For Seniors over... Read More
Your search for a mortgage isn't leading results.Check for any... Read More
Home prices in the Untied States continue to soar, and... Read More
When a mortgage broker asks a borrower to pay points,... Read More
The investment need of an individual varies with time. Thus... Read More
This might not be the front page news but it... Read More
Mortgage Refinance |