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Adjustable Rate Mortgages in SoCal: What to Do If Your Monthly Payments Are Increasing

Posted by Summit Lending on March 4, 2018
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If you’re like countless other Southern California homeowners, who have an Adjustable Rate Mortgage (ARM), which is resetting, you’ve probably noticed your payments increasing. Equally as many other homeowners in an Adjustable Rate Mortgages may be worrying what will happen when the rates adjust.

In a lot of cases, a refinance into a new loan may be the best way to combat increasing monthly payments. (Interest rates have been ticking a bit higher lately, as the economy continues to gain steam. With lower unemployment, and a stronger economy, goods and services, including loans tend to cost more. That’s why mortgage interest rates have been increasing lately.) However, it’s important to note that the increases, while noticeable, are still offering homeowners great rates on refinances. Though rates are higher than a year ago, for example, they are nowhere near the highs of just a few decades ago, when rates were well into the double-digits.

The best thing you can do, if your Adjustable Rate Mortgage is resetting, or will be resetting soon, is to talk to a trusted mortgage professional. As a top-reviewed SoCal Mortgage broker with all 5-Star Reviews, Summit Lending is here to provide you with all of your options. We will review your current mortgage, shop for rates, and provide you with possible options for keeping your monthly mortgage payments manageable. Through analysis and evaluation of your unique financial situation, we can provide you with a roadmap to achieving your financial goals.

Because it looks as though interest rates may be continuing to increase over the coming months, it’s worth your while to contact an experienced mortgage broker today, before rates go higher. After all, there’s no reason to delay saving money on your monthly payment, or on interest rates over time.

At Summit Lending, we love helping homeowners to understand all options for smart real estate financing, and we love providing appropriate mortgage loans at great interest rates for first time buyers, experienced buyers, investors, and for homeowners. Whether you’re looking to refinance your Adjustable Rate Mortgage, or your Home Equity Line of Credit, or you’re considering buying a new home, we are here as your financing ally, helping you to navigate through the mortgage process.

As a family owned and operated company, Summit Lending is a SoCal direct mortgage lender and mortgage broker with offices in Orange County, Los Angeles County, San Bernardino, Riverside and throughout Ventura and San Diego County. We are local, reliable, established, experienced, and top-rated mortgage brokers, and loan officers.

Our team is here to help. Please contact us today to learn about options for refinancing your Adjustable Rate Mortgage today.

From conventional fixed rate loans to Jumbo loans, VA loans and cash out refinances, FHA loans and reverse mortgages, we are here to help you accomplish your short and long term real estate financing goals, through providing you with the best options in mortgage loans available to meet your needs.

Based in Huntington Beach, CA, with offices throughout Southern California, the top rated mortgage consultants at Summit Lending can be reached online, on Facebook or via phone at 888-451-9006