News

Toni's Take - Cutting Off Your ARM

I know it sounds crazy, but it just might be time to cut off your ARM; your Adjustable Rate Mortgage, that is. A few years ago, the major craze in the mortgage industry was ARMs. Adjustable Rate Mortgages started lower than a fixed rate, but the rate would adjust every few years (depending on what type of ARM you chose) based on the current market. I was one of the individuals who jumped on the ARM bandwagon and it couldn’t have worked out better for me. Our rate has continued to adjust downward, saving us loads of money in interest, compared to the original fixed rate we were offered.

But… I just received a visit from one of our AmeriChoice mortgage processors. She noticed that we were currently in an ARM and saw that she could save us money if we fixed our rate! Yes, rates are that incredibly low! We could lock in at our current ARM rate!

Whether you currently have an Adjustable Rate Mortgage or even a fixed rate mortgage, NOW is the time to look at refinancing. Rates are at an all-time low! Contact an AmeriChoice Mortgage Expert today to find out what will best fit your needs. At the end of the day, you just might want to cut off your ARM.

Disclaimer: This is a personal blog entry on the AmeriChoice FCU website. The opinions expressed here are those of Toni Montgomery and not those of AmeriChoice Federal Credit Union.