Your ARM is Resetting!

The dreaded day has come.  The day that you go out to your mailbox and find a letter from your current mortgage company.  You open the mail and find out that your adjustable rate mortgage is going to reset within a short period of time and your new payment will be… $WHAT?!!!

A number of things have lead up to this day.  You might not have known you had an adjustable rate mortgage if your lender wasn’t honest with you.  You may have forgotten that this was the loan that you had taken out to begin with.  You may have not understood what an ARM was or what exactly it meant.  You may have known that this day was coming and had hoped for the best.

And now you’re looking at what your payment is going to be and you find yourself thinking, “How am I going to afford that?” 

Many homeowners have lived through more than one interest rate reset.  Many of those same homeowners have now found themselves deliquent on their home loan and possibly facing foreclosure.  But what are you going to do?

1) Can you afford the payment for now and refinance into a more affordable loan?
2) Do you need to look at selling your home?
3) Do you need to contact your lender and see what you can work out?

If these options haven’t or just won’t work and you find yourself falling further behind on your mortgage payment – The FHASecure loan may be for you. 

And if you haven’t yet gotten a reset notice in the mail, you may know that your rate is going to reset in the next year.  Start looking at refinancing your mortgage now.  Don’t wait!  Many markets are declining in value.  Your home may be worth more today than when your rate actually resets next year. 

Rates are historically still great. 

Let me know if I can help.