Question:

How to modify your adjustable rate mortgage?

Answer:

If you want to modify your adjustable rate mortgage you are probably out of your fixed period and your rate is about to reset to a higher value. You are worried how you could afford higher payments and wondering if you should refinance and when.

Well, before you choose to refinance, you may like to talk to your lender and see if they will agree to modify your adjustable rate mortgage payment plan so that you will still have affordable payments.

Yes, lenders might agree to have a talk about ARM modification as they would rather keep you as a client and wouldn't let you go that easy.

Right now you are far from being the only person in need to opt out of an ARM with rate adjusting upwards, so lenders are getting resourceful about ways to modify adjustable rate mortgage plans to keep borrowers with them.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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