Many homeowners who purchased homes within the last 2-3 years may be in for the shock of their lives when the rates on their adjustable rate mortgage (ARM) loans start rising soon.
Winder, GA -- (ReleaseWire) -- 07/05/2006 --With the economy moving strongly forward, inflation is on the rise – which also means that home loan rates are on the rise. With over two trillion dollars in Adjustable Rate Mortgage (ARM) loans set to start adjusting in the next two years, many homeowners are going to be shocked when their payment adjusts.
Most consumers are unaware of the fact their rate and their payments are getting ready to increase dramatically. And unfortunately, there are also cases where the consumer may be unaware they even have an ARM, let alone that it is getting ready to adjust very soon. Many economists are concerned that when the payments start to increase, it will have a massive impact on consumer spending…which in turn, will impact the US economy as a whole.
Homeowners need to be made aware of the facts surrounding these issues as soon as possible, so that they can evaluate their options and make good decisions for their future. This is especially important if they have experienced credit problems since they originally qualified for the mortgage.
Carl Pruitt, a mortgage banker with Citizens Home Mortgage, is a local mortgage industry expert who is prepared to discuss these issues and potential solutions for homeowners in the State of Georgia. Mr. Pruitt can be reached at (678) 963-0712 or by visiting http://www.24hourmortgageinfo.com.