Lenders have begun sending out letters informing their borrowers that their loans are due for adjustment. So your Adjustable Rate Mortgage is about to adjust and you want to know what to do? This is a dilemma facing many homeowners right now due to the huge numbers of 2-5 year Adjustable Rate Mortgages that were written in the past 6 years.
Even with all the hype in the media, many homeowners are taken by surprise. The harshest reality is when you find that your new mortgage payment will be 50% higher (or more!) than your current monthly payment!
So what can you do to ensure you aren't forced into a bad financial situation once your loan adjusts?
First, find your closing package from the title company. You received it at or a few weeks after your closing. In the package, you will find the Mortgage and Note that you signed. You will need to copy these documents...specifically look for the Adjustable Rate Rider and a Prepayment Penalty Rider. You will also want to copy your most recent Mortgage statement that you received in the mail.
Then, contact your trusted Mortgage Broker. Arrange a time when you can sit down with your loan documents and figure out what is about to happen. This may require faxing, emailing or mailing a copy of the Mortgage and Note to the Mortgage Broker.
With this information, your Mortgage Broker can help you to refinance into a new loan with a payment you can afford. With a trusted advisor like this by your side you will be in good hands.
For more information about refinancing your Adjustable Rate Mortgage in Florida, contact me by following this link to my contact page.
To read more about the Adjustable Rate Rider and details about what you can do if your ARM adjusts, read on at: Florida Mortgage Adjustable Rate Loans ~ Your current loan is about to change on you