Many lenders are offering a type of Adjustable Rate Mortgage which will allow the buyers to convert their ARM to a fixed-rate mortgage without the expense of refinancing. There are several variations of this type of loan, so you should be informed about the various options before you decide on a loan.
Each lender places restrictions on when the ARM can be converted to a fixed-rate loan. Some allow a conversion after the first year of the mortgage, while others allow a change only on the rate adjustment dates. There is usually a fee for converting the mortgage, but it is much less than the cost of refinancing. The rate that you will pay after the conversion may be slightly higher than the going rate for fixed-rate mortgages. A real estate agent can provide you with a list of lenders who offer convertible ARMs, so that you can shop for the one that is best for you.
The Liz Freeman Team RE/MAX Preferred Realty 3208 Charles Blvd Greenville, NC 27858 Phone: (252) 439-4000 Toll Free: (800) 326-5006 Fax: (252) 321-1314 Email: liz@lizfreeman.com
A former middle school teacher for 20 years, Liz has been helping families with their real estate needs for the past sixteen years. Education continues to be important to Liz, and she is continually reaching for ways her team can better serve clients. Liz is a Broker, an Accredited Buyers Representative, a Certified Residential Specialist, Graduate of Realtors Institute and a Senior Real Estate Specialist. Recognized as part of a nationwide network of the Top Realtors in the country, Liz takes advantage of many training opportunities offered to The Liz Freeman Team.
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