Adjustable Rate Mortgage - Refinance and Save

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When you bought your dream home several years ago, you may have taken out an adjustable rate mortgage, thinking you were doing the smart thing to get the best rate. You were probably right at the time; market conditions in the past were more favorable and those with an adjustable rate mortgage often saw their payments decrease in certain years. Unfortunately, the credit crunch is here, and the adjustable rate mortgage is causing more and more homeowners to lose their homes and destroy their credit rating.

Fluctuating Rates Means Instability for You

An adjustable rate mortgage has a rate that is adjusted at the beginning of each fiscal year (July). Using a formula that takes into consideration the fluctuations in the economy and in the housing sector, your lender will give you a rate that they have adjusted for these conditions, and that rate will apply until the following fiscal year, at which time it will be readjusted to suit current trends. A lot of folks are finding that the past few years have seen their payments of around $600 a month balloon up to $1100 or more. That is nearly double the amount that they had planned to pay when they signed on.

Obtain a Fixed Rate - Know What Your Payment Is

The best way to get rid of your adjustable rate and the uncertainty that it carries with it is to refinance. By refinancing, you can obtain a fixed rate that is more pleasant on your budget - assuring that you will not become one of the tens of thousands who have had their homes go into foreclosure because of their adjustable rate mortgage.

Competition Between Online Lenders

To find a great fixed rate on your mortgage refinance, you should visit online lending institutions. Because there is more competition online between lenders than there is between banks in your town, you will be able to find the best interest rate on your mortgage by comparing lenders. There are sites that are devoted to finding you the best interest rate; they do all the shopping for you.

There are also online lenders who will go the extra mile to refinance your home under terms that they come up with according to your available budget. These lenders want to win your business, so they work with you to make sure that you are able to afford the terms and conditions that they provide.

Make Home Improvements

You can also request additional money during your refinance for any purpose that you choose. Some borrowers want to do remodeling or home improvements - adding an additional bathroom, bedroom, basement, or carport/garage. Or you may need money for other things - furniture, appliances, computers, education, or travel. The amount you borrow may be only a few thousand dollars or as much as $20,000, on top of the amount of your home. You will make only one payment for the extra funds and the mortgage.

The best advice that you can ever receive if you have an adjustable rate mortgage is to get rid of it as fast as you can. By refinancing, you can lock in a rate that will save you money over the term of the loan as well as give you a predictable payment amount each month.

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