How long is your rate fixed for?
If you have an arm loan that has an interest rate that will be going variable in next couple of years, now is the time to convert to a long term fixed rate loan. Many have found themselves revising their selling plans and will be in their home much longer than anticipated. If you do not convert your loan now you may be facing much higher rates and payments in a year or so when your loan flips to a variable rate. Additionally, you may be losing value in your home which can also impact what type of loan you may qualify for.

Pay Option Arm– No Option
The pay option or 1% loan programs are obsolete. If you are in one today you are probably around 8% or better in rate. There are similar programs available which will deliver the same flexibility with a much lower interest rate fixed for 5 or 7 years. These programs will save you thousands of dollars in payments and interest.
Submitted By: Bob Gonzalez - First Choice Mortgage
Brought to you by Randy Charlton of Century 21 Home Realtors.