I know that we have been constantly bombarded by the news media for what seems to be forever about the state of the housing industry. But it really isn't as bad as everyone is making it out to be. If you have an adjustable rate mortgage, then you need to make sure that you do the following so you don't become part of the mess.
1. Know when your rate will adjust!
2. Keep your mortgage and other payments current for 12 months leading up to your refinance.
3. Find a broker that you are comfortable with who can offer you many different proposals for a new fixed rate loan.
Most people with adjustable rate mortgages fail to plan for the time when they will have to refinance, and honestly this should be done months in advance. Don't get caught unprepared and stuck with a giant payment. All it takes is a little planning in advance and you can avoid a huge headache. Do these simple things and you will be ready to get the last loan that you will ever need..
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