Have An Adjustable Rate Mortgage - Need to Remortgage in a Hurry?
Most people are probably aware that interest rates have been on an upward trend .
For those who have fixed rate mortgages it does not really matter .
But if you have an adjustable rate mortgage, then you may already have seen an increase in your payments .
Because these can go considerably higher, it may be a good time to consider getting a remortgage .
Here are some tips on how to do it.
Adjustable rate mortgages are definitely the way to go when it comes to getting lower payments - at least it was the way .
The problem with this is that they are only good for a limited time .
While your payments are fixed at the start, you can't beat it .
When it goes to the adjustable part, however, with today's economy, it can become a real nightmare .
Getting a remortgage is about the only solution you have .
The quicker that you get it - the better off you will be .
If the economy changes for the better in the future, you can always remortgage again .
Ideally, the best time to remortgage is when mortgage rates are more than at least 1% less than what you have now .
It is possible, though, that you just need to get a new fixed rate mortgage before you lose the house .
If so, then act immediately .
One way that you can drop your payment amount with a fixed rate mortgage, is to increase the overall time period of the mortgage .
Although it will lower the payments, it will increase the amount you actually will pay in the long run - but it will be cheaper than adjustable rate if rates don't get better .
Consider remortgaging again later.
The next thing you need to do is to go online and get some quotes .
This is easy to do and you can get more than one quote from a single Web site .
But you still need to go to more than one, though, and get several quotes .
Then carefully compare them, and see which one will work for you .
You should know however, that a fixed rate mortgage is typically higher than an adjustable rate mortgage .
That is probably why you went with an adjustable rate - so you could get a bigger house .
After looking at the quotes you receive, you will know two things - if a fixed rate remortgage is within your budget, and secondly, if you will be staying in that house .
While that may sound a little drastic, you already are probably experiencing what is happening with interest rates .
You have already seen the bills .
If you believe that the new payments sound good to you, you need to sit down and decide if you can make those payments for at least three years .
This is how long it will take to recover the costs that will be involved in the remortgage process - closing costs all over again .
So, if there is a possibility that you may not want to stay that long, it is not for you.
Finally, determine how much equity you have in the house now .
With it, you may be able to get some debt consolidation, which may make getting a remortgage even more worth it.
Most people are probably aware that interest rates have been on an upward trend .
For those who have fixed rate mortgages it does not really matter .
But if you have an adjustable rate mortgage, then you may already have seen an increase in your payments .
Because these can go considerably higher, it may be a good time to consider getting a remortgage .
Here are some tips on how to do it.
Adjustable rate mortgages are definitely the way to go when it comes to getting lower payments - at least it was the way .
The problem with this is that they are only good for a limited time .
While your payments are fixed at the start, you can't beat it .
When it goes to the adjustable part, however, with today's economy, it can become a real nightmare .
Getting a remortgage is about the only solution you have .
The quicker that you get it - the better off you will be .
If the economy changes for the better in the future, you can always remortgage again .
Ideally, the best time to remortgage is when mortgage rates are more than at least 1% less than what you have now .
It is possible, though, that you just need to get a new fixed rate mortgage before you lose the house .
If so, then act immediately .
One way that you can drop your payment amount with a fixed rate mortgage, is to increase the overall time period of the mortgage .
Although it will lower the payments, it will increase the amount you actually will pay in the long run - but it will be cheaper than adjustable rate if rates don't get better .
Consider remortgaging again later.
The next thing you need to do is to go online and get some quotes .
This is easy to do and you can get more than one quote from a single Web site .
But you still need to go to more than one, though, and get several quotes .
Then carefully compare them, and see which one will work for you .
You should know however, that a fixed rate mortgage is typically higher than an adjustable rate mortgage .
That is probably why you went with an adjustable rate - so you could get a bigger house .
After looking at the quotes you receive, you will know two things - if a fixed rate remortgage is within your budget, and secondly, if you will be staying in that house .
While that may sound a little drastic, you already are probably experiencing what is happening with interest rates .
You have already seen the bills .
If you believe that the new payments sound good to you, you need to sit down and decide if you can make those payments for at least three years .
This is how long it will take to recover the costs that will be involved in the remortgage process - closing costs all over again .
So, if there is a possibility that you may not want to stay that long, it is not for you.
Finally, determine how much equity you have in the house now .
With it, you may be able to get some debt consolidation, which may make getting a remortgage even more worth it.
Have An Adjustable Rate Mortgage Need To Remortgage In A Hurry
![Have An Adjustable Rate Mortgage Need To Remortgage In A Hurry]()
Reviewed by Henda Yesti
on
July 01, 2018
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