Welcome to  Refinance My Arm Loan (adjustable rate mortgage)

If your reading this you probably have an arm loan and your payment and interest rate have gone up. I've seen some go up as much as $2,000 a month, but usually it is around $200-500 a month. Arm loans and decreasing property values have been the main reason why there have been so many foreclosures in the last couple years. It is also why you hear about so many lenders going out of business lately.  The good news is that you can still refinance into a fixed rate mortgage and get a good rate. Below are the most commonly asked questions about arm loans.

Why should I refinance my arm loan into a fixed loan?

Rates have been steadily going up over the last few years. This means if rates continue to go up so will your payment. Typically after the first or second year of an arm loan your rate will adjust every six months to a year. If you had an arm loan two years ago your rate has probably gone up around 2%. This may not sound like much but it can be hundreds and sometimes thousands of dollars every month. Getting into a fixed rate will give you peace of mind that no matter what happens, you know what your payment will be every month. Also if you plan on living in your house for 3 or more years I would almost always recommend getting a fixed rate.

Should I refinance into another arm loan?

You should refinance into an arm loan only if you still have credit problems and can only afford the house based on those payments or if you only plan on living in your home for 2-3 years. Remember if rates continue to go up in 2-3 years your rate could be signifigantly higher.

Can I refinance my arm loan?

The good news is as long as you have made your payments on time your credit has probably gone up! The bad news is property values have gone down and if you owe more on your house then what it is worth you may not be able to refinance. The best way to find this out is to either have an appraiser come out and do an appraisal or you can contact us and we will research it for you for free.

I can't refinance my arm loan because my house isn't worth as much, what do I do?

Unfortunately this is what millions of Americans are having to face right now, you are not alone. If you are only upside a little you might be able to refinance. If you are upside quit a bit more it might be a lot harder. Your choices are:

You may still be able to refinance by either putting some money down. Any amount can help, there are still a few (very few) lenders that will give a loan over 100%. It will be difficult but it's worth a shot.

Foreclosure may sound like the easy answer but not only does it scar your credit worse than a bankruptcy the IRS will come after you. Whatever your lender claims as a loss the IRS will send you a 1099 for that amount. In other words if the lender claims a loss of $100,000 you will receive a 1099 for $100,000 as taxable income. More on this subject can be found under Information/learning center.

Contact your lender and be honest with them. They would much rather try and work something out with you then have you foreclose. A couple years ago the average foreclosure cost the lender over $56,000, the numbers aren't in for this year but I can only guess it is pusing $100,000. They have several options that will try and work out with you.

I have a question 

 If you didn't see your question on here please feel free to contact us, we promise not to send you spam mail afterwards like many other websites.

Can you refinance us?

We are able to refinance loans in all 50 states, we can't guarantee refinancing for everyone due to house values declining we do promise to try harder then anyone else out there. And if we can't refinance you we will do our best direct you in what your next move should be.

Refinance My Arm Loan