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My Mortgage Payments are Out of Control! Can Refinancing Help?

by Gabriel  Traverso
Mortgage Directory Columnist

Have your mortgage payments gone up? If you can no longer afford your mortgage, it might be time to look at refinancing.

Refinancing Your Adjustable Rate Mortgage

If your home loan payments have gone up and are no longer within your budget, refinancing may be the answer. An adjustable-rate mortgage (ARM) can be a great tool in the short term, but for many homeowners it simply doesnít work in the long term. It is difficult to budget for your mortgage payments when you're not sure if they might go up. These home loans payments can also go down, but if your current situation is growing more difficult to maintain then it is time to consider refinancing.

The Benefits of a Fixed-Rate Mortgage

Traditional fixed-rate home loans have pros and cons, like all other loan products. In this case, if you're experiencing rising rates on your ARM, then a fixed-rate home loan is probably the best answer. Your interest rate won't change for the life of this loan, which means your payments will also remain unchanged. Depending on the rate you have on your current mortgage, you might even be able to refinance at a lower rate and get your payment down where you need it. By refinancing to a 30-year mortgage, you stretch out your remaining balance, but it may help lower your payments.

Refinance Sooner Rather Than Later

If your credit is less than fair, most mortgage lenders usually want to see that you have 20% or more equity in the home. If you don't have much equity, however, don't let that stop you. Contact your mortgage lender now to see what options they can offer, and then check with several other lenders to see where you can get the best deal. If your payments are higher than you can afford, don't procrastinate! Start shopping around now to refinance your way into payments that fit your budget.

About the Author
Gabriel Traverso is a freelance writer, independent musician, and artist. He resides in Reno, NV.

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