Pay it off.
Refinance.
Loan modification from ARM to fixed rate.
TALK to your lender, several people at your lender and ask them for your options.
There are government programs to help lenders do this.
A lot of people find themselves in the situation so I am glad you asked.
When looking to get out of an adjustable rate mortgage there are two ways to go about this. One is to get a loan modification and the other is to refinance.
With a loan modification a client always has to go through their servicer of their loan. It is always best to check with your loan provider first and foremost. Currently, President Obama instituted his Housing and Loan Modification plan for people who owe more then there home is worth, or people who are at risk for imminent foreclosure. If you are in either of these two categories and you think you qualify for a loan modification, you’ll need to work directly with the servicer of your loan. Please see the attached article link for more information on the Obama Housing and Loan Modification plan.
If a loan modification is not possible then refinancing can be another alternate route. Refinancing into a fixed rate mortgage can help you save money on your monthly payments which is always a beneficial option for people. Shop around for fixed rate mortgage and always go with a lender you trust when looking to refinance. With a refinance, keep in mind that there are aspects that can affect if you qualify for a loan. These include your income, credit score, debt to income, and more. Any knowledgeable lender can provide more information on qualifying for a loan.
Below are also some links that I’ve included that can help you find your current credit score (for free) and today’s mortgage rates. I’ve also included a link to info about Obama’s Modification Plan.
4 Responses to How to get rid of adjustable rate mortgage?
mar c
April 29th, 2010 at 3:13 pm
all together now……..pay it……
Steve D
April 29th, 2010 at 3:34 pm
Find a lender who will give you a fixed rate mortgage for the principal left and use that to pay off the adjustable.
chatsplas
April 29th, 2010 at 3:49 pm
Pay it off.
Refinance.
Loan modification from ARM to fixed rate.
TALK to your lender, several people at your lender and ask them for your options.
There are government programs to help lenders do this.
Quicken Loans
April 29th, 2010 at 4:48 pm
Hi Bhatmini,
A lot of people find themselves in the situation so I am glad you asked.
When looking to get out of an adjustable rate mortgage there are two ways to go about this. One is to get a loan modification and the other is to refinance.
With a loan modification a client always has to go through their servicer of their loan. It is always best to check with your loan provider first and foremost. Currently, President Obama instituted his Housing and Loan Modification plan for people who owe more then there home is worth, or people who are at risk for imminent foreclosure. If you are in either of these two categories and you think you qualify for a loan modification, you’ll need to work directly with the servicer of your loan. Please see the attached article link for more information on the Obama Housing and Loan Modification plan.
If a loan modification is not possible then refinancing can be another alternate route. Refinancing into a fixed rate mortgage can help you save money on your monthly payments which is always a beneficial option for people. Shop around for fixed rate mortgage and always go with a lender you trust when looking to refinance. With a refinance, keep in mind that there are aspects that can affect if you qualify for a loan. These include your income, credit score, debt to income, and more. Any knowledgeable lender can provide more information on qualifying for a loan.
Below are also some links that I’ve included that can help you find your current credit score (for free) and today’s mortgage rates. I’ve also included a link to info about Obama’s Modification Plan.