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Refinance an ARM Loan to a Fixed Rate Loan
There has been quite a bit of news coverage regarding Adjustable Rate Mortgages adjusting upward. There are many ways to refinance an ARM Loan to a Fixed Rate Loan. The next few paragraphs will examine the benefits and strategies of refinancing an arm loan to a fixed rate loan.
Fixed Rate loans are available even to borrowers with bad credit
The FHA Secure Loan Program can be of benefit to clients who have fallen behind on their mortgage due to an increase in the rate. Their are many parameters one must qualify for in order to obtain financing through this program. Contact an experienced mortgage proferssional to see if you qualify for the FHA Secure loan program to refinance your adjustable rate loan to a fixed rate.
FHA loans are great and are a very safe way to go when deciding on what type of mortgage financing to get.
Another hurdle in today's lending environment is called declining markets. If you live in an area that has been identified as a declining market you can expect a reduction of as much as 10% in some cases of the maximum allowed loan to value of your home.
Consumers who have opted to obtain an adjustable rate mortgage are now feeling the crunch of their rates adjusting. This is one of the top causes for the high numbers of foreclosures in so many areas. However, there is hope for those of you who have an adjustable rate mortgage, also known as an ARM loan. Contact a mortgage professional today and find out how you can convert that ARM loan into a fixed rate mortgage loan before you are left with a high rate loan that you can no longer afford.
» DISCLAIMER: The information contained in this article on 'Refinance an ARM Loan to a Fixed Rate Loan' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.
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