Why You Should Refinance Now If You Have an Adjustable Rate Mortgage

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Updated: 8/3/2007 12:06:12 PM

(ARA) - If you took out a mortgage on your home between 2002 and 2005, chances are good you ended up going with an adjustable rate mortgage or ARM. Back then, it was just too good of a deal to pass up.

Thousands of Americans signed up for products like the 5-in-1 ARM that at one point in 2003 offered a 3.8 percent interest rate rather than the going rate of 5.8 percent on a 30 year fixed loan. If you were borrowing $250,000, that meant a payment of $1164.89 instead of $1466.88, a $301.99 savings.

But imagine how disappointed many people will be in the coming months when the introductory period of their loan ends and all of a sudden, your rates have more than doubled.

Want to protect yourself from a shocking increase in the amount of money you spend on living expenses each month? If so, maybe it's time to refinance to a 15 or 30-year fixed rate loan. You can start by logging on to www.nationalhomesavings.com, a free national consumer oriented service that quickly and conveniently matches borrowers with qualified lending professionals.

All you have to do is fill out a simple form. Once your contact info is submitted their top lenders will contact you within 24 hours. That's it. You'll have your quotes in hand in and you'll be ready to decide which deal is the best one for you.

Interest rates are steadily rising but there is stability with a fixed rate mortgage which in the grand scheme of things right now is very reasonable. Since there's no telling how much higher they'll go, log on to www.nationalhomesavings.com to get matched with a lender who can lock in good rates for you today.

Copyright © 2007, ARAnet, inc.

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