Adjustable Rate Mortgage

The burden of adjustable rate mortgages still afflicts many homeowners. There are many ways to relieve the burden, but the process starts with a little knowledge and an informed professional who has you interest as a priority. If you have an adjustable rate mortgage that is due to adjust you must take action as soon as possible.

It may be that new government laws may allow you to extend your current rate for as much as 5 years. A high quality loan officer or loan consultant will guide you in the right direction. If this is not the solution for you,there are numerous programs available that can likely help you. For example, there are programs sponsored by FHA that can provide you the opportunity to get a loan with much better interest rate, and a high percentage of your homes value. This is particularly important in todays market as values continue to plummet all over the country.

FHA even has a program that will allow you to refinance even if you missed payments as a result of mortgage rate increases.

If you do seek out an FHA loan, the mortgage broker you choose to do business with is of critical importance. Some brokers, in there rush to get FHA approved, can only deal with one lender. It is much better to deal with a broker who has many lenders at his disposal. This is because different lenders have programs that are more effective for different situations. Someone with a low credit score may get declined by one lender or be given a much higher rate than he would with another lender. A capable mortgage broker or loan consultant, will know which lender to use based on your situation.

There are other programs available other than FHA that should be explored in certain situations. It is important that you act quickly before your home value plummets further. No one will act if you don't.

Joel Steinberg, of Alexandria, is a mortgage loan consultant affiliated with MortgagePrime in Vienna Virginia. He has over 20 years experience dealing with obtaining mortgages for his clients. He is current with all the new programs, including. FHA, and Jumbo loans. He does business in Virginia, Maryland, Washington DC and West Virginia. He also assists people in getting placed with better loans as soon as possible after a Chapter 13 is discharged, or one year after the Chapter 13 started.He can be reached at 703 637-3746, or on his cell at 703 298-6198