Help! My ARM just reset!

Posted by Mathew
October 9, 2008

When you have an adjustable rate mortgage or ARM, there is a point at which it will reset. However, there are things you can do when this happens, preferably within seventy-five days of you initial reset date, especially if your credit is shaky.

The following steps are critical in this process:

  1. Find out the date of adjustment

  2. Find out the new ARM

  3. Find out the new mortgage payments to be made monthly

  4. Find out your current credit score by pulling your own credit report through one of the major credit bureaus

  5. Get a current valuation of the value of your home by getting a property title search done through your local city hall

  6. Assess your current income, assets and current credit information in case refinancing is needed

If you have trouble finding your new ARM, your new mortgage payment amount or credit report, you can ask your lender to help you, but you will have to pay a fee for the credit report part. Once you have all the information in front of you, assess your ability to make your mortgage payments based on your current information. You should discuss this with your lender or a banking financial advisor to see what your options are before agreeing to any refinancing options.

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Finance, Real Estate

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