Over the course of the next few years there are going to be a lot of consumers who obtained ARM, adjustable rate mortgages, that are going to be getting ready to make their first adjustment. Also, there are many people who are not sure what they should do at this point. Should they refinance? Should they wait? Is refinancing going to be worth it. Refinancing should definitely be considered, especially due to the fact of the uncertainty of the US economy. The worst thing you could do at this point is hold off and then watch rates skyrocket along with your adjustable rate mortgage that you waited to refinance. Consult a mortgage professional today at 770-634-4315  and explore your options before it is too late.

Many people who took out Home Equity Lines Of Credit 2 years ago have seen their rates rise dramatically. Home Equity Lines of Credit (HELOCs) are directly tied to the prime rate. In 2004 the prime rate was as low as 6%, thus so was the rates on HELOCs. In 2006 that rate had gone up to 8.25%. Many have seen their monthly payments increase substantially because of this. Homeowners are refinancing out of their HELOCs and combining it with their first mortgage into a more stable fixed rate.

Many customers choose to take an ARM because their credit was poor, or they didn't have any money for a down payment, or some other reason that prevented them from getting the best fixed rates. If you are one of these people and you have been working on your credit for the past two or three years, and your home has been gaining equity you have many more options available to you now.

You should definitely contact a mortgage professional within two to three months prior to the time your ARM is scheduled to adjust.

Whatever you do, don't procrastinate. Sky-rocketing interest rates can mean unaffordable payments. Lates start to stack up causing your credit to fall. And if you live in an area such as the North East or South Florida chances are your homes value is declining. This is a recipe for foreclosure. Act now and take a look at your options whether your interest rate has already reset or it's a year away from resetting. You will be glad you did.

If the teaser interest rate on your adjustable rate mortgage was so low that present fixed interest rates would raise your mortgage payment, you may have a viable solution if your mortgage is under the FHA mortgage limits in your area. An FHA 95% loan to value cash out mortgage can lower your total debt payments by hundreds of dollars - enabling you to still afford your payments. In some cases, the new FHA loan can lower your payments enough to be able to pay extra on your mortgage to pay it off faster.

The new FHASecure program has been created to help folks in your situation. Call Carl Pruitt a mortgage professional, at 770-634-4315 today to discuss your options and the FHASecure loan program.

If your Adjustable Rate Mortgage loan is entering its adjustable period, you've probably received notice from your current lender that your payment is scheduled to increase in a coming pay period, often by 25% or more. It's important for you as a homeowner to take the necessary steps to lock in a low payment today, and avoid paying egregious interest rates when your loan adjusts. Contact a mortgage professional at 770-634-4315 for a free, no obligation estimate of the options you may have available.

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