If you're one of the $50 Billion worth of Adjustable Rate Mortgages (ARM) that are set to adjust this fall you may want to get busy on it right now. Interest rates are holding their own right now. Property values are falling in most areas of the United States so if you have an adjustable rate mortgage there is no better time than the present to refinance out that ARM. I know that here in Florida most homeowners that I speak to have lost anywhere from 10-20% or more. Keep in mind that if you refinance your adjustable rate mortgage you are going to have to oder a new appraisal and if your new loan amount comes in at 80% or more of the value of your property you will have Private Mortgage Insurance (PMI) which will be added to the monthly principle and interest payment. Private mortgage insurance can range anywhere from $20 to $300 per month.
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