Refinance an Adjustable Rate Mortgage

Nations Choice Mortgage takes pride in helping our customers find the best possible mortgage option for their situation. Many of our customers are discovering that their existing adjustable rate mortgage is not suitable for their financial situation anymore. Now with interest rates so low people are want to lock in these great low interest rates by getting a fixed rate home loan. NationsChoice Mortgage is always available; whether you are familiar with the process of refinancing or just want us to help you compare options so you can make an informed decision. You will be able to see how a fixed rate loan will compare with an adjustable rate mortgage. We will also help you compare mortgage interest rates, points and many other loan options so that you will be able to find the type of mortgage that best fits your needs.

What is an Adjustable Rate Mortgage?

Adjustable rate mortgages or ARMs are very different from mortgages that are fixed rate mortgages. The primary difference is the interest rate and the monthly amortizations change along with market interest rate fluctuations. Most ARMs have an initial period where the interest rate does not change similar to a fixed rate mortgage. However, as this period expires, the interest change then changes at certain preset intervals.

An adjustable rate mortgage or ARM is considered riskier than a fixed rate mortgage because the monthly payment can change significantly. As an exchange for taking such a risk, borrowers are rewarded with an interest rate that is significantly below the market rates for 30-year fixed rate mortgages initially. The higher the frequency of rate adjustments throughout the mortgage’s term, the lower the initial rate is.

The main problem with adjustable rate mortgages or ARM is that your monthly payments can be very unpredictable. An ARM is great if the interest rate goes down because that means the monthly payment goes down. But, when the interest rate goes up, then the payment can become difficult to manage. The higher payment can make the family budget problematic and difficult to balance.

How to Refinance an ARM

Nations Choice Mortgage will help you refinance your existing mortgage and find the option that is right for you. We understand that trying to choose between mortgages is probably one of the biggest decisions that you will ever make. At Nations Choice Mortgage, there is a dedicated and highly-trained team of mortgage professionals who are always ready to answer any questions that you may have regarding which type of mortgage is good for you and which type would be most affordable.

Nations Choice has been serving homeowners since 1994. We offer a full range of mortgage related services designed to help you find the best financing options. Our mission is to serve. We firmly believe that you are best served by us if we conduct business in a manner that reflects honesty and integrity. At Nations Choice Mortgage we make it a point to explain financing programs and options in a way that can be easily understood. We also aim to communicate with you constantly during the entire loan process. Please feel free to contact us today so that we can help you take the first successful steps towards having a home of your very own.

Refinance an Adjustable Rate Mortgage Conclusion

An adjustable rate refinance mortgage is not an ideal long term option for a home owner. This is because there is a possibility that the monthly mortgage payment may change due to factors out of the home owner’s control. For this reason some borrowers find it better to refinance into a more traditional fixed rate refinance mortgage.

The options Nations Choice Mortgage has available to refinance your adjustable rate mortgage are immense. Our options, services and programs have been enjoyed by many homeowners and will continue to be what makes NationsChoice Mortgage a lending lender.

How to refinance an adjustable rate mortgage:

If you are looking to refinance your existing adjustable rate mortgage, Nations Choice Mortgage can help you begin the process. Nations Choice Mortgage has a well-trained team of mortgage specialists that are always available to help you make the best decision with your mortgage-related needs. We understand that choosing the right type of mortgage is a big decision and we are always here to help you make an informed choice.

To begin applying for mortgage, all you need to do is search rates and you will receive a personalized interest rate quote. You can then choose the type of loan and interest rate which fits your needs. Your mortgage application can also be completed online using our advanced online mortgage application. If you have questions anytime during the online application process, feel free to contact us and we will provide you with all the information you need.

Instant Mortgage Rate Help

Loan Amount: How much do you want to borrow? Example: 150,000 (You can borrow up to 100% of the purchase price of your home. You will find better interest rates at 95%, 90%, and 80% progressively.)

Property Value: This is the purchase price of your property or your best estimate of the appraised value of the property. Example: 175,000.

Loan Type: Selecting Refinance WITH CASH OUT may increase your rate. If you want some extra cash to pay the closing costs on your new loan, this would NOT be considered receiving extra cash.

Escrow/Impounds: Allows you to pay 1/12 of your annual property taxes and homeowners insurance with your mortgage payment each month. Escrowing your taxes and insurance will lower your points by .25%

Property State: Specify the State where the property is located

Property County: Specify the County where the property is located

Todays Rates: These rates are based on the following criteria..

Instant Mortgage Rates

Loan Amount
Property Value
Loan Type
Loan Purpose  
Property Type
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