Adjusting to Higher Mortgage Payments

In a recent online article, Yahoo Finance's David Bach writes,

"More than a trillion dollars in adjustable rate mortgages are scheduled to reset this year. As a result, experts predict that foreclosures could double in 2007, and reach an even higher level in 2008. With all this negative news, you have to wonder if you'll be affected. What are you doing right now to protect yourself? Are you simply waiting for something to happen? I hope not, because you need to be proactive if you have an adjustable rate mortgage.

For instance, have you called your lender to determine what your new monthly payment will be and when it will take effect? Do you have a mortgage that's currently 4.75 percent and headed to 7.5 percent when it adjusts? Do you have a clue as to when that adjustment will occur?" Read More

If you are one of the millions of Americans that have an ajustable rate mortgage set to adjust in the near future, give us a call today. We will discuss your options and help you come up with a plan that will keep you from experiencing that dreaded payment shock. You may be able to pay off some bills and even lower your monthly payments!