ARMs Length?
Millions of Home Owners are facing the dilemma right now to decide whether or not to Refinance their Adjustable Rate Mortgages. If you are one of the few that have around the 4.0% Rate, when your ARM adjusts, you may only increase to 6%. Most people that have ARM Loans are in the 5.50% - 5.875% range. Standard ARM Loans have a 2% Maximum Cap on increases each year. Some may go up 1% every 6 months, others may go up 2% at one time! If your current rate is at 5.875% you may adjust up to 7.875%! This huge jump will drastically increase your monthly payment!Do you have a Negative Amortized Loan or the Payment Option ARM Loan? If so, you may probably be in an even worse situation. You could possibly owe more now than what your original Mortgage was taken out for, or even owe more than the current value of your property!
Now is the time to look at your refinancing choices! There are new Loan Programs from FHA and Conventional Programs available to help refinancing out of your ARM, Neg Am or Pay Option ARM Loans. I will meet with you and go over your current situation, review your Mortgage Note and find you a new Loan that will be fixed, stable and help with your Monthly Budget. Please give me a call direct at 763-557-5608 or stop in to see me at Bremer Bank – Plymouth Branch.
If you or anyone you know are interested in buying a new property, or refinancing a current property, please call me at 763-557-5608. To start the Pre-Approval process, please stop in at the Bremer Bank -Plymouth Branch. I will be happy to answer any questions you have.
Referrals to family, friends, neighbors and business associates are always appreciated and welcome!
Regards,
Steven
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