Is your ARM getting hairy?

As the story below indicates a lot of Adjustable Rate Mortgages will be adjusting this year. Many people are quick to blame the mortgage lender in putting people in this situation. Let’s look at this. First of all borrowers have saved a lot of money by taking advantage of the lower rates offered by ARMs. In this time their homes have appreciated considerably. Fixed rate mortgages are still at historically low levels. So, you can still take advantage of the lower LTV loan and wrap in closing costs as much as possible. I am pretty sure that a lot of people will be just fine. Contact me with your scenario if you don’t believe me.

dBusinessNews :: Daily Business News Delivered to Your Desktop: “SACRAMENTO — According to the Federal Home Loan Mortgage Corporation and other real estate companies such as The Home Buying Center.com more than $1 trillion in adjustable rate mortgages (ARMs) will reset this year bringing higher monthly payments and a corresponding increased risk of foreclosure to thousands of homeowners. “

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