Buying the house you wanted brought you a lot of joy. Soon, you moved in and were glad to get settled. You had your mortgage, and you may have gotten a larger house because you were able to get an adjustable rate mortgage. Here are some reasons, though, why you may want to think about refinancing that mortgage.
The Future Is Unpredictable
Adjustable rate mortgages allowed many people to get that larger house simply because it started out with lower payments – initially. However, if it has not started already, the day is coming when the fixed rate portion of your mortgage will soon be over. Once that happens, you can expect a jump in your rates because your payments will get a new interest rate. The new interest rate will be changed regularly – limited only by caps set by law.
You still may expect quite a jump – or it may stay steady, or even decrease – depending on the market. The possibility is there that it could become higher than you might be able to pay. This makes it potentially bad. Besides that, when rates do become higher, it may be too late to refinance. Every mortgage, at that time, will probably become unaffordable for...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
