Are you one of the many folks that decided to purchase your home with an Adjustable Rate Mortgage (ARM)? Or did you recently refinance yourself into and ARM? While the immediate benefits of the ARM as a mortgage product were and, in some cases, still are substantial, the majority of folks currently in an ARM are staring at significant jumps in their interest rate and what that means against their monthly bottom line.
RealEstateJournal.com, the real estate wing of the Wall Street Journal online, has this article about the increase in pressure to move from an ARM into a fixed rate mortgage and some of the pitfalls you may experience.
While there is simply no easy way for me to summarize the article, I will say that if it smells too good to be true, it likely is. To that end, if you find yourself needing to refinance your existing mortgage and are at a loss as to whom to turn to, allow me to make some recommendations of lenders that will walk you thorugh every step, answer all your questions, and treat you to the Black-Tie Service you deserve.