30 year jumbo arm

pmf6753 · Joined: 13 Oct 2006 Posts: 1 1.19 Dollars($)

is there a way to get out of this loan and into a fixed rate that can work with a low income?I can't afford for my mortgage to go up.I also have 2 credit cards.

Guest 0.10 Dollars($)

Hi,

You should talk with your lender about refinancing your ARM to a fixed one. Also ask about if there is any prepayment penalty involved.

jameshogg · Posted: Fri Oct 13, 2006 6:18 pm Post subject:

Hi,

Please go through our article on refinance before you approach your lender about refinancing your loan. It is quite possible that the ARM can be refinanced despite the fact that you have low income source.

Thanks
James

Guest 0.10 Dollars($)

Well, you need to shop with some lenders and look out for a preferable fixed rate program in order to refinance your ARM. But prior to refinancing, enquire about the rates available in the market as you can benefit from refinancing only if the rate on the new loan is 2% lower than that of the current mortgage.

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