So you have an adjustable rate mortgage that is coming due on your Metro Detroit home.
What you have to know before you talk to any mortgage person is:
- What you owe on the house including the first and the second mortgages
- What your current rate is before it adjusts
- What your new rate will be (call the mortgage company that has your loan for that information)
- Basic information about your house. How many square ft, how many bedrooms, how many car garage, etc.
The Michigan mortgage person will need to know what you owe and what the house is worth to figure out whether you can even refinance. Many Metro Detroit home owners are upside down. They owe more than the house is worth. No bank is going to loan money on a house that is not worth more than the loan.
You need to know how much your new rate will be after it adjusts. That way you can plan what you need to do if you can refinance. If the rate is lower than the current 30 year fixed rate you may want to ride out the adjustable rate longer. Or you may want some peace of mind with a thirty year fixed right away.
My quote of the day:
The work goes on, the cause endures, the hope still lives and the dreams shall never die.
If you would like to talk about your Michigan adjustable rate mortgage, and your Metro Detroit home value call me or email me. We will go over your individual situation and give you the facts so you can make a sound decision. Refinance, stay in the adjustable, sell the house, call the national help line, or let the home go into foreclosure.