Are You Being Choked By An Option ARM?

Option ARMs initially offer the chance to "qualify" for a more expensive home, minimize monthly payments, and achieve greater flexibility of managing your monthly cash flow in the beginning of a loan. However, the initial rates are subject to a periodic change or "reset". Interest rates on your loan, and your monthly payment, could increase dramatically. In some case, Option ARM payments can double overnight. You may be caught in that trap now. If so, here is some information and suggestions that might free you.

Payment Shock

Option ARMs offer minimum payment, interest only, 15-year amortized, and 30-year amortized options. They can be especially attractive to homeowners who have irregular incomes such as educators who do not work during the summer months, salespeople whose commissions fluctuate, and college graduates about to begin lucrative careers.

Conversely, industry experts and Former Federal Reserve Chairman Alan Greenspan warned that many consumers were using the loans to purchase homes they could not afford. Many consumers gambled on the "housing boom" and purchased expensive homes they could "flip" in a few short years for a quick, big profit. Unfortunately, the hot housing boom has cooled considerable in many areas, and several major markets are experiencing a big drop in home values. Buyers who purchased more home than they could afford or made the minimum payment often wind up in serious financial trouble.

Rescued by Refinance

A viable and inexpensive solution to your financial dilemma could be a mortgage refinance. Refinancing with a conventional 15-year or 30-year fixed rate mortgage, can provide consistent monthly payments, principal reduction, financial security, and priceless peace of mind.

While fixed rate mortgages are not at rock bottom levels, they remain at historically low interest rates. The cost of refinancing are extremely low compared to the cost of losing your home or destroying your credit score. If your home is financed with an Option ARM talk with your lender and get competitive quotes from several other lenders. Online mortgage lenders can be a very effective resource for financially troubled home owners.

Compared with a trip to your local lender, the online mortgage refinance process seems to take place in a flash. You fill out a short form and start receiving offers, in many cases within 24 hours. Most online lenders provide up to 4 competing quotes. You can compare quotes without having to make multiple phone calls and personal visits, and while never having to leave your home or your computer.

You can jump around the web and find Online mortgage lenders, such as E-Loan, Quicken Loans, or LowerMyBills.com. You can save time and review the internet's top lenders in one place at LoanSpace.org. Visit each website and choose one online lender or get competing quotes from several online mortgage refinance lenders. Each website pulls your credit report only once, and then several refinance lenders bid on your loan. This can result in extremely competitive loan offers.

Refinancing a mortgage online not only saves you time and can save you money, but you can avoid the unpleasant experience and pressure of a face-to-face meeting with a banker. In the privacy of your own home, you can review and compare offer, without pressure, and make a better decision for your financial future.

The author is the Duane Hardy, webmaster of www.Loanspace.org He is President of two companies and has 20 years of industry experience which include buying and selling commercial and residential real estate. You can reach him at dthardy@loanspace.org

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