You Checked the Facts on Your Current Mortgage.. What Did You Find? Part 3

Happy Friday Everyone-

The last 2 days I've been talking about checking on your current mortgage - I want you to be sure that you know exactly what you have and I discussed several ways that you could have been tricked.

Now, if you looked through all of your paperwork and everything checks out.... GREAT!  That's how it should be.

However, if the mortgage on your Palm Beach real estate is NOT what you thought you had then it's time to fix things.

The most frequent issue is that someone has an Adjustable Rate Mortgage (ARM) - but they thought it was fixed.

If that's the case, the next thing to check on is how long the initial period is before the first adjustment can take place.  That is generally  2, 3, 5, 7 or as long as 10 years.

What happens when that term is up?  The interest rate can increase - it doesn't HAVE TO go up, but this is one of those times that you should assume the worst - that way you won't get next month's bill and see that the payment has gone through the roof!

Continue the article -->>

Marc J Blasi

Realtor® - Luxury Homes FL - A Thomas Real Estate Company

Mortgage Broker - Knightlines Mortgage Services, LLC

(561)-282-7406 Cell

(561)-282-3330 Office & Fax

Marc@LuxuryHomesFL.com

www.PalmBeachRealEstateAndLoans.com