Do you have an Adjustable Rate Mortgage?
Aug 17th, 2007 by Ginger Wilcox
Have an adjustable rate mortgage that will be reset within the next 12 months?
Get a mortgage check up sooner rather than later. Actually, call a mortgage broker NOW. 
According to Sofia Nadjibi, a mortgage broker with Union Trust Mortgage, borrowers struggling with monthly payments now might be shocked to know that monthly payments can double in some cases once an ARM resets.
Double???? Now that could be pretty scary! If you ARM is about to reset, call a qualified mortgage professional today to discuss your options!
Good advice Ginger!
I saw a Mortgage once at 5.75% with a 5.9% margin
needless to say the person was proud of his great rate
but with the tick coming up he didn’t read the find print to know what his margin was.
that’s why working with a good mortgage broker that will explain this information is essential
btw… it was not uncommon for clients to end up with A-Paper rates from subprime lenders!! That’s why the margin was so high!
Thanks for stopping by David. Yikes, now that is scary. As always, thanks for the great information!