Are you upset with the fact that your Adjustable Rate Mortgage is going up? Hmmm. Lets see now, adjustable What does that mean? Well, if you didn't ask this question shame on you. When the rates started dropping, An arm was the way to go. But, who would have thought that the rates might go up? I say anyone that looked at the disclosures that you signed. I thnk that there are about 5 different disclosures that you sign that say the same thing. The rate may rise and your payment may go up. It is not the fault of the Mortgage Broker/Lender. They did there job. They gave you just what you asked for. The lowest payment possible. I watched people over the last couple of years quoting arms and said "Not Me". What happens when the economy gets better? The rates will go up and I don't want to put someone in a house that they will price themselves out of.
Don't blame the Broker. Blame yourself for not reading or understanding. If you asked what could happen, do you really think the lender would say rates are not going to rise?
Please note. I have only closed 1 ARM it was to an investor that was going to flip the property. he was very aware of the arm. Rate isn't the only thing to consider when getting a mortgage.