Did you know there are trillions of dollars in adjustable rate mortgages that are going to adjust this year alone? An even more frightening piece of information is that 1 in 2 homeowners do not know what type of a mortgage they have and worst of all, nearly 2 million homes will go into foreclosure because of these adjustable rates mortgages.
There is no doubt, we all know someone who will be affected by an adjustable rate mortgage. The key is protecting those people's homes through education. Homeowners who currently have an adjustable rate mortgage should be making consultation appointments right now to determine what their mortgage options are before they have a payment recasting.
Most lenders (myself included) will offer a FREE mortgage consultation. As we all know, education is the first step to a life long relationship built on trust.