 While interest only payments may have been a good option at the
time, you now may want to convert your loan to a mortgage with
payments including both principal and interest.
Many interest only mortgages give you the option of picking your monthly
payment. These are better known as pay-option ARMS. You may have noticed that
your current mortgage balance is actually HIGHER than what you originally
borrowed.
Pay-option loans are Adjustable Rate Mortgages, also known as ARMS.
As the interest rate increases, so does the negative amortization.
Foreclosure rates are rapidly rising throughout the nation. As home
values remain stagnant or even decrease, negative amortization can
lead to financial hardship and jeopardize one of your largest
assets, your home.
one of our mortgage specialists to refinance your existing
interest only loan and/or ARM to a fixed rate mortgage.
to
protect your investment while mortgage rates are still low.
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