The Adjustable Rate Mortgage has a man trap built in! Look out!
April 21st, 2008
Is there any reason why you need to refinance your adjustable rate mortgage? The adjustable rate mortgage is (was!) a perfectly legitimate tool in the borrower's and lender's available arsenal. Legitimate until the debacle and corruption of the prime rate crisis for which ALL of us are now paying the real price. And for you as an adjustable rate borrower with an adjustment period coming up in the near future and the possible doubling of your monthly payment requirement, it is a personal crisis that you MUST deal with just as quickly as you possibly can. Deal with it how? Call today and ask your lender to quote you a fixed rate to refinance the mortgage and get you out of trouble. Do it quickly (like now!) because the housing crisis is definitely NOT over and your equity in your home is probably dropping with the rest of the market. It's getting harder to do but negotiate with your lender. Remind them how much they will lose in the event of a foreclosure.
Entry Filed under: Finance :: Mortgage & Debt