Home Ownership Roundtable Teaches Solutions
Riverside, CA -- (ReleaseWire) -- 08/15/2006 --With the economy moving strongly forward, inflation is on the rise – which also means that home loan rates are on the rise. And over $2 trillion dollars in Adjustable Rate Mortgage (ARM) loans are set to start adjusting in the next two years, facing higher interest rates, and dramatic monthly payment increases.
Most consumers are unaware of the fact that their rate and their payments are getting ready to increase dramatically. And unfortunately, there are also cases where the consumer may be unaware that 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.
With the sudden increase in mortgage payments, many homeowners are facing foreclosure.
Many lenders were pushing low-interest adjustable rate mortgages (ARMs) several years ago. However, the higher interest rates are now being applied, increasing monthly payments. Most ARMs have a 2 percent annual cap increase, but some can be as much as five percent on the first adjustment. These loans have now surpassed 30-year, fixed-rate loans and will continue to escalate.
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.
The Home Ownership Roundtable is a group of real estate, credit, and mortgage finance industry experts who educate and demystify real estate and real estate finance. They are prepared to discuss these issues, and provide immediate solutions for homeowners in Southern California.
They will have a FREE Seminar, “Up In ARMs –The Facts, Figures & Future of Adjustable Rate Mortgages” on August 22, 2006, from 6:00 p.m. to 7:30 p.m., at the Sportsmen’s Lodge in Studio City. 12833 Ventura Blvd. Seating is limited. Refreshments and door prizes will be provided. They can be contacted for registration and information toll free at (888) 971-TEAM (8326)
The Home Ownership Roundtable also has a radio show on 97.1 KLSX Free FM every Saturday for an hour at 1 p.m. Visit www.971roundtable.com for more information.