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Attention Homeowners with ARMs
Copyright 2004, Craig Romero
Mortgage rates are at all-time lows, enticing homeowners across
the nation to refinance their homes. It used to be that an ARM
was a popular mortgage choice; a choice that enabled homebuyers
to get an initially low mortgage rate that increased gradually
over time.
With mortgage rates at all-time lows, it’s time for the
homeowners who took advantage of the ARM rates of the past to
refinance at extremely low fixed rates now and lock in rates
lower than the ARM rates they initially obtained.
Many homeowners wonder why they should refinance their ARMs
when they are already paying a low interest rate. The answer
is pretty straightforward; their rate won’t be that low forever.
Mortgage experts are recommending that homebuyers avoid ARMs
and homeowners with ARMs refinance and lock in a fixed-rate
mortgage now while rates are significantly low.
Homeowners who do not make this move risk paying increasingly
higher interest rates in the near future, and if rates jump up
drastically, it could be devastating to their finances.
Even if rates don’t increase dramatically, ARMs are normally
charged at the treasury rate plus 2.75 percentage points and
can increase up to two percent per year after that. In the
event that rates don’t increase, you’ll wind up paying more
the second year due to the point addition.
With a fixed-rate mortgage, the interest rate you obtain at the
beginning of your loan is locked in over the lifetime of your
loan and there is no risk that your rate will increase.
Even if mortgage rates jump up to ten percent, homeowners with
fixed-rate mortgages are safe and secure and locked in at their
current rate, providing a certain sense of financial security.
So is there ever a good reason to have an ARM? Yes, when you
plan on staying in the home five years or less. In those
circumstances, five-year ARMs are a good choice for homebuyers
and offer them the opportunity to save money without the risk
of being hit with significantly increasing interest rates. In
all other situations, refinancing to a fixed-rate mortgage is
the wiser thing to do.
Craig Romero is an author and mortgage analyst dedicated to
helping homeowners maximize the investment in their homes.
Visit his site to discover how to quickly build a minimum of
$40,000 worth of home equity and pay your mortgage off in 10
years or less without making biweekly mortgage payments.
Visit: http://www.wisemortgageinfo.com
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