The truth is, typically fixed rate mortgages have a higher interest rate compared to ARM’s, usually half a point to a point on your interest rate. On a $200,000 mortgage, an adjustable rate of 6.75% and a fixed rate mortgage at 7.75% amortized over 30 years have a payment difference of $136 a month. My guess is, if your debt to income ratio is to high on the fixed rate mortgage but you qualify for the adjustable rate mortgage you are looking at a home that is over your budget.
Now that you find yourself stuck in this dilemma, finding a way out is not as impossible as you think. You need to start seeking options way before your rate is going to adjust. The most common problem I see today has to deal more with credit issues rather than lack of equity. A true mortgage professional is not going to discard you just because you do not qualify for a loan today, he or she is going to work with you to solve your problem 3 months, 6 months or even 9 months in advance to prepare you for a new loan before your mortgage rate adjust.
If you start looking around for a new mortgage early enough you will be able to determine which mortgage broker really cares about you and which mortgage broker cares only about themselves. Do yourself a favor and start looking into what possibilities are available to you today so when the time comes for your adjustable rate mortgage to adjust you are prepared.
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