Is Your Adjustable Rate Mortgage About to Explode?

Our recent mailing included a special promotional offer to you as a borrower on an adjustable rate mortgage which will adjust to a new rate in the next few months.  We want to offer you a free credit report from Equifax which includes your credit score AND a free mortgage analysis to give you the information you need to make a reasoned decision on how to extract yourself from the ARM you have to a more reasonable loan program.  

Fill out the following fields to verify your identity and have your Promotional Code ready.  You will click through to Equifax's website to complete your information and  receive your Credit report online immediately and securely.

Free Credit Report & Credit Score Offer

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Helpful Hints for Refinancing: 

Get the Facts - Do the Numbers.

  • Refinance Considerations  When you're making your decision, there are several things in mind.
  • Refinance once then do it again.  When rates fall steadily, refinancing may make sense even if you have done so once already. Bob and Michelle Barbo of Kirkland, Wash. refinanced twice within three months in 1998.
  • Refinance to build equity faster.  Many borrowers use a refinance to shorten the term of the mortgage. And brace yourself: Even at low rates, a shorter term means a higher monthly payment. The benefit is that you'll build up equity faster and pay far less in total interest over the life of the loan.
  • Trade in your ARM for a Fixed Rate.  By switching to a fixed-rate loan, you will not only reduce your payment, you will also likely lock in an attractive rate for as long as you own your home.
  • Mortgage Refinance Costs.  When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage.
  • Analyze your savings.  Check the market closely to determine the available rates and the costs associated with refinancing. These costs can include items such as an appraisal and other various fees and points.
  • Paying points for a lower rate.  In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, three points on a $100,000 mortgage loan would add $3,000 to the refinancing charges.
  • Your Personal income Taxes.  With a lower interest rate on your home loan, you will have less interest to deduct on your income tax return. That, of course, may increase your tax payments and decrease the total savings you might obtain from a new, lower-interest mortgage
  • Consider other mortgage programs.  If you are thinking about refinancing your mortgage, you might want to consider other types of mortgages. For example, you might want to look into a 15-year, fixed-rate mortgage.
  • Deciding to Refinance.  Traditionally, the decision on whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing. But in recent years, companies have introduced "no cost" and low-cost refinancing packages that minimize ...
  • Refinance Calculator.  Calculate your refinance savings.

 
Alex S. Watkins