ARM Reset Shock: Consider Refinancing

posted Thursday, 20 September 2007

Many people with adjustable rate mortgages face sharply increasing monthly payments when their rates are reset. Lending Tree has an article, "Avoiding ARM Reset Shock ," that gives some good advice. Make sure you understand the conditions of your ARM (prepayment penalty, etc.?). Might be a good time to look at refinancing, now that rates are down for the moment.