Considering Your Options

 

Contact Us When your Adjustable Rate Mortgage (ARM) is about to adjust, you have several choices: Remaining with your existing loan. A higher monthly payment may be troubling. But before you try to lower your payment by refinancing, be sure that you're considering all the costs and factors involved. Since refinancing typically involves some closing costs, in some cases it might be less costly to accept the payment change and remain with your current loan. For example, some people select an ARM because they expect to move or refinance before the initial fixed-rate term expires. If you don't expect to be in your home much longer, compare the costs of refinancing against the monthly payments on your ARM for the amount of time you expect to be in your home. To determine the monthly payment at your ARM's new interest rate, use our monthly payment calculator. If you want to know how long it would take to recover the costs of refinancing at a new rate, request our free break-even analysis. And don't forget that you repay little equity in the early years of a new loan. If building equity is important to you, be sure to factor that into your decision. (Learn more about the importance of equity to your decision). Refinancing to get a fixed-rate loan. If you've determined that refinancing makes financial sense, you might want to consider the advantages of a fixed-rate mortgage. With a fixed-rate loan, you gain: Protection from rising interest rates The security and predictability of fixed monthly payments for the entire term of the loan We provide a variety of fixed-rate options, with longer terms that may provide lower monthly payments, and shorter terms providing faster equity growth and lower interest costs. You have a choice of loan terms; learn more about our fixed-rate loans or contact us for assistance from a home mortgage consultant. Refinance with a new adjustable-rate mortgage. If you think you may want to sell or refinance in a few years, selecting another ARM may be appropriate. We offer a variety of adjustable-rate loan options. Try to match the amount of time that you think you'll own your home with the ARM's initial fixed-rate period. Select a refinance program that provides both flexibility and security. Our FLEX/FIXED® temporary buydown program lets you combine the flexibility of a lower initial rate with the security of a fixed payment schedule. You can "buy down" the start rate of your loan, as low as 3% below the established fixed-rate pricing. Since rate adjustments are limited to a maximum of 1% each year and 3% over the life of the loan, you can enjoy some peace of mind. Contact Us

Roger Hunt Private Mortgage Banker Office: 650-931-2940 Fax: 650-249-0249 Mobile: 650-796-0326 Contact Us 1440 Chapin Ave #200 Burlingame, CA 94010 Directions