Refinance

Refinancing your Adjustable Rate Mortgage to a low fixed rate mortgage might be a good idea if your monthly payments have increased to a point where you are not able to make your payment or if you are concerned that further interest rate hikes will result in future payments becoming unbearable.

It is possible your new rate might be slightly higher than what you are currently paying or at least were paying before your mortgage rate adjusted, however with a fixed rate you will be able to go to sleep at night with peace of mind- that your monthly payment will be level during the entire term on the loan.