Many lenders are offering a type of Adjustable Rate Mortgage which will allow the buyers to convert their ARM to a fixed-rate mortgage without the expense of refinancing. There are several variations of this type of loan, so you should be informed about the various options before you decide on a loan.
Each lender places restrictions on when the ARM can be converted to a fixed-rate loan. Some allow a conversion after the first year of the mortgage, while others allow a change only on the rate adjustment dates. There is usually a fee for converting the mortgage, but it is much less than the cost of refinancing. The rate that you will pay after the conversion may be slightly higher than the going rate for fixed-rate mortgages. A real estate agent can provide you with a list of lenders who offer convertible ARMs, so that you can shop for the one that is best for you.
Gene and Renée Jantzen -- Team Jantzen Century 21 HSK and Associates 950 W. University, #201 Georgetown, TX. 78626 Toll Free: 1-877-897-8277 Gene Jantzen: 512-864-5339 Renée Jantzen,ABR,CRS, Sr: 512-818-8181 Fax: 512-863-8228 Email:: TeamJantzen@TeamJantzen.com
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