A.R.M. Wrestling: Is Your ARM Due to Reset in 2008?
December 28, 2007
Do you have a 3/1 or 5/1 adjustable rate mortgage (ARM) that is due to reset in 2008? If you do, you're not alone — experts predict that millions of homeowners will face the dreaded reset date on their ARM this year. This is the date when your ARM resets from its introductory rate to its fully indexed rate, and you'll be shelling out quite a bit more money every month.
Sitting around and waiting for the adjustment letter from your lender to arrive is not a good strategy. Now is the time to start planning what your options are, and what your next step will be. Click on this link for a great article from BankRate.com on some very simple mortgage strategies for 2008 —-> Best Moves to Make in 2008