I have an ARM Mortgage loan that is set to expire in August?
by Mortgage Rates on Wednesday, September 29th, 2010 | 6 Comments
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Ask yourself if your earned income will increase over the coming years. If so, I would get another 3 or 5 year ARM in the dollar cost makes payment more affordable. Do you plan to move from your town in the next 5 years? And always be honest with yourself about your likely ability to retain your present job and your promotion and merit raise potential. Good luck. Fixed is still overrated, IMHO.
Sounds like you are having the same problems as millions in america!!! There is not too many options thats why everyone in your position is loosing their homes!!
check on the adjustment mechanism. not all ARMs will adjust up right now. some of them are going back down. The loan documents will tell you when the loan adjusts and what it is indexed against.
Do not refinance with an ARM, these are for people who expect to make substantially more income in the future, check to see what it resets to and proceed from there.
You cannot refinance, even somewhere else if you owe more than your house is now worth, according to the appraisal. For example if you owe 200,000 and the house is now worth 175,000, you are not going to be able to refinance the whole amount.
I agree to check your paper work and see the terms of your current loan and hope that things change before August.
Talk to your current lender about a fixed rate.