I wanted to talk about some situations that have been coming lately that has lead me to believe that the average "Joe Borrower" is still not aware of yet.

If you think your ARM (Adjustable Rate Mortgage) is BROKEN and this is going to cost your payment to skyrocket, you might be completely wrong.

Peter Thompson wrote a great post about this titled:  Should You Refinance Your Adjustable Rate Mortgage?

I have been getting a flood of calls lately from folks who think they have a broken ARM (Adjustable Rate Mortgage).  Well most of the time, the payment is not changing much, and in some cases NOT AT ALL.  Remember the short term indexes (6 month LIBOR and 12 Month LIBOR) have come down recently. 

So what does this mean?  It means, you may NOT have to sell your home.  You may NOT have to liquidate your property here in Arizona and find a rental.  You will NOT be forced into a short sale. 

See, most people assume that just because your mortgage is an ARM Product that the payment will go up on you.  In this case you might be wrong.

My advice is to have a trusted mortgage advisor review your mortgage documents and have them determine if you actually DO or DO NOT have a BROKEN ARM. 

We are unique people out there.  We expect better then "would you like fries with that drink".  I just have learned to use my Midwest values and transfer them into my mortgage business.  If you are looking for something a little more unique in your next mortgage loan, please do not hesitate to get a hold of me. 

My name is Gary Miljour and this is what I do best.