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I have an ARM Mortgage loan that is set to expire in August?

Stephanie C asked:


We tried to refinance and our appraisal came back lower that what we owe on the house so they said we were out of luck.
The only piece of good news was that I don’t have a pre payment penalty if I went somewhere else.
I’m really nervous because I can’t afford for my payments to go up. Any suggestions.

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This entry was posted on Tuesday, February 3rd, 2009 at 7:46 pm and is filed under Mortgage Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “I have an ARM Mortgage loan that is set to expire in August?”

  1. thomas p Says:
    February 6th, 2009 at 8:09 am

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    Ask yourself if your earned income will increase over the coming years. If so, I would get another 3 or 5 year ARM in the dollar cost makes payment more affordable. Do you plan to move from your town in the next 5 years? And always be honest with yourself about your likely ability to retain your present job and your promotion and merit raise potential. Good luck. Fixed is still overrated, IMHO.

  2. B Says:
    February 8th, 2009 at 12:17 am

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    Sounds like you are having the same problems as millions in america!!! There is not too many options thats why everyone in your position is loosing their homes!!

  3. John M Says:
    February 8th, 2009 at 8:26 am

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    check on the adjustment mechanism. not all ARMs will adjust up right now. some of them are going back down. The loan documents will tell you when the loan adjusts and what it is indexed against.

  4. Ryan Says:
    February 8th, 2009 at 10:30 pm

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    Do not refinance with an ARM, these are for people who expect to make substantially more income in the future, check to see what it resets to and proceed from there.

  5. Em C Says:
    February 12th, 2009 at 9:55 am

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    You cannot refinance, even somewhere else if you owe more than your house is now worth, according to the appraisal. For example if you owe 200,000 and the house is now worth 175,000, you are not going to be able to refinance the whole amount.

    I agree to check your paper work and see the terms of your current loan and hope that things change before August.

  6. godged Says:
    February 12th, 2009 at 9:51 pm

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    Talk to your current lender about a fixed rate.

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