If your home is financed with an adjustable rate mortgage (ARM), you know first-hand about living with uncertainty. That's not to say that an ARM is an unwise choice for many. But unfortunately, the terms and conditions are often murky and unclear to borrowers at the time of loan application.
So if you are considering an adjustable rate, for example, to get a lower initial monthly payment, you can ask Kate for answers to your questions before committing to the loan.
Or, as you are about to see from the letters below, ARMs can become complicated, even years after the loan is originated. If this describes your financing, feel free to browse the following Ask Kate letters from homeowners with adjustable rate mortgages.
Or ask Kate (that's me, of course) your own question. I look forward to hearing from you!
Underwater 1st and 2nd Mortgage Refinancing - Sandy's 1st mortgage is a fixed rate. But her 2nd, an adjustable rate mortgage with a looming balloon payment, was a bait and switch at closing when she purchased her home in 2006. Complicating the loan approval process, her type of property is not simple to appraise. Since Sandy is being forced into retirement next year, she asks how to get one affordable house payment.
Adjustable Rate Home Mortgage For Seniors - At 67 years old, we cannot afford an increase in mortgage payment. But our lender is putting us on an ARM. Reading pros and cons of ARM home loans, I am scared to death.
Refinancing a Negative Amortization Loan - I bought my house at the wrong time, obviously. I decided to get a Pay Option Arm, thinking that real estate prices were going to go up. In April 2007, I purchased the REO (Real Estate Owned By The Bank) and paid $285K, and put down $52K. So my LTV (loan to value ratio) was at 80 percent.
Adjustable Rate Mortgages or Fixed Rate - Hi Kate, I'm unsure which would be best for me, adjustable rate home loan or fixed rate mortgage. The dilemma? I'm retiring in less than a year.
Adjustable Rate Home Loan - Can you tell me if an ARM is a good idea or bad idea. My bank has offered me a 4 year adjustable rate home loan.
10 Year Mortgage Interest-Only Payment - Simply put, I do not want any changes in my interest rate during initial 10 year period!
Adjustable Rate Mortgage Advice - Is there a loan program out there that will just fix our interest rate?
Adjustable Mortgage Rates - Is this still a legal document with only one signature?
Avoiding foreclosure due to adjustable mortgage rates - My adjustable rate mortgage is increasing in April 2009 but my home's appraised value is less than what I owe.
Affording Adjustable Mortgage Rates - I wonder whether I can afford an ARM when the initial interest rate increases dramatically.
Adjustable rate mortgage advice - Our mortgage adviser quizzed us on our future plans
Do adjustable mortgage rates ever go down - My husband and I were first-time home buyers in 2005.
Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please share Adjustable Rate Home Mortgage with your friends. I hope you will also come back and visit often!
Aug 11, 16 10:49 AM
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