Mortgage rates are low, home values are high – if you have an ARM or an Adjustable Rate Loan, it’s time to refinance to a low fixed rate. It’s crazy to keep waiting on a lower rate – they’re here, right now. However, rates will go up again. The Fed has already announced rate increases for this year. It’s coming people. Don’t get stuck in an ARM when rates rise.
Your interest rate makes your monthly payment low or high. If you have an ARM, your payment may be low now, but you’ll be paying more when interest rates rise again. Locking in today makes sure that you won’t get thrown to the wolves if the market adjusts again. FHA Loans and HARP Loans will help your refinance and get you a better rate.
A cash out refinance is also a great time to lock in your low rate. You can take money out of your more valuable home at a lower rate, and use it to further increase the value of your home with home improvements, or pay off other bills at a lower interest rate.
The advantage of a fixed-rate mortgage over an ARM is clear at times like this. A fixed-rate gives you the same payment every month from the time you close until the time you finish making your payments. An ARM starts at a set interest rate but will change to reflect what the market is doing. It’s not always to your advantage, though.
With a fixed rate loan you have the stability and security of knowing what your rate and monthly payments will be for the next 15 to 30 years. Now you can budget and save, without having to worry about your rate resetting and interest rates climbing.
Turn your ARM into a fixed, lower your rate, and save thousands on your mortgage. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?