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Financing Your Home >Convertible ARMs
Many lenders are offering a type of Adjustable Rate Mortgage which will allow the buyers to convert their ARM to a fixed-rate mortgage without the expense of refinancing. There are several variations of this type of loan, so you should be informed about the various options before you decide on a loan.
Each lender places restrictions on when the ARM can be converted to a fixed-rate loan. Some allow a conversion after the first year of the mortgage, while others allow a change only on the rate adjustment dates. There is usually a fee for converting the mortgage, but it is much less than the cost of refinancing. The rate that you will pay after the conversion may be slightly higher than the going rate for fixed-rate mortgages. A real estate agent can provide you with a list of lenders who offer convertible ARMs, so that you can shop for the one that is best for you.
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Kris Villars ABR, CRS, GRI, SRES RE/MAX On The Water 404 N Main St., Suite 101 Oshkosh, Omro and Winneconne, WI 54901 Office: 920-230-8880 Direct Line: 920-420-0673 Fax: 920-230-8882 Email: kris@northeastwihomes.com
Looking for a professional? Since 1983 Kris Villars has been Listing & Selling Real Estate in the Oshkosh area. She is a Certified Residential Specialist, with unique training and knows how to make your home buying or selling experience an unqualified success.
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