Reno, NV (PRWEB) March 20, 2007
With $600 to $700 billion in adjustable rate mortgages (ARM) scheduled to reset this year, many homeowners may be facing higher monthly mortgage payments. Additionally, as 30 percent of all mortgages were ARMs in 2006, homeowners may not have understood the implications when they first signed on for an ARM. GuideToLenders.com's new article, entitled "Get Ready for a Major Adjustment: Looking into the Future of Adjustable Rate Mortgages for 2007" by Gina Pogol, is one of many timely mortgage resources on GuideToLenders.com to help homeowners (http://guidetolenders.com/calculators/Fix_Your_ARM.jsp). GuideToLenders.com offers information on home loans, refinancing and broker and lender information.
Not all homeowners with an adjustable rate mortgage resetting in 2007 may fully understand how their loan differs from a fixed-rate loan, an issue Pogol's article addresses. The article explores the future of ARMs and explains the affordability of such loans. Borrowers who don't quite understand that when ARMs reset their payments may go up hundreds of dollars this year can get a better understanding of the nature of adjustable rate mortgages from this and other resources on GuideToLenders.com.
Information on refinancing out of an ARM is needed now more than ever, with some experts predicting that it may be harder to get into a fixed-rate loan. "The decrease in property values, combined with prepayment penalties, is making it very challenging for people to get out of these loans," says Ed Shanks, an executive vice president with U.S. Bank Home Mortgage, a unit of U.S. Bancorp. Pogol's article (http://guidetolenders.com/calculators/Fix_Your_ARM.jsp) and other resources on GuideToLenders.com help homeowners understand their home loans and how they can refinance to get into home loans that better suit their requirements.
GuideToLenders.com is a consumer resource featuring guides on how to find the right lender or broker to provide options to best suit consumers' needs. The site has a variety of free tools and tips and provides an easy way to find multiple lenders to help consumers with their lending needs. Products offered by the lenders/brokers include new home financing, refinancing, home equity line of credit and debt consolidation loans.
GuideToLenders.com partner site GuideToRealty.com is a rapidly growing online consumer resource for buyers and sellers of real estate. The site features details of real estate agents and local market and demographic information in more than 2,500 cities nationwide. The aim of GuideToRealty.com is to become the number one consumer resource for the real estate market.