What is my house payment going to do i have a arm please help?

Aracelis
I have a AHMSI Convential ARM. On April 1st my rate starts to adjust. The rate adjusts every 6 months. My ARM Index is WALL STREET JOURNAL 6 MONTH LI. My index rate says 0.0%. My Margin says 6.0% & my rounding ractor is 0.125%. PLEASE HELP. I don't understand ANY of this and I am approved to refinance but not sure it is the right thing to do now.

Berry
If you do not know any of this then why did you sign the loan? This is why so many people get in trouble when their rate adjusts. But to answer your question, rates are very low right now so try to refinance for a fixed rate mortgage.

Bea
Contact your lender and ask. There should be a contact number on the bill.BTW - You are probably NOT going to be able to refinance this loan, as so many others have advised you to do. The problem that got so many people in trouble is that they took out these ARM loans, assuming the value of the property would increase. But, property values have decreased dramatically over the years. So, you probably don't have enough equity in the property to refinance it.For example, let's say you bought a $250K home with 20% down, which would require a $200K mortgage. And, lets say the property lost 30% of its value over the years. You now owe $200K (first only) on a home that is only worth $175K now. No one is going to give you a $200K loan on a property worth only $175K. The most you could get on an 80% first would be $140K.Also, if you financed the down payment with a second mortgage or HELOC, you still would have to pay off that $50K in addition to the first at $200K to be able to refinance the home. So, you would have to come up with $75K in cash to refinance the property.I know this sounds harsh and matter-of-fact. But, it's reality. Call the bank and find out how much your payment will be in April. With the way interest rates have been going lately, it might not be that big a hit.

Cheryll
your loan may not go up but you must look at the March 1 libor rate and you did not state the max increase it could be. you should have a max first cap rate shown in the note. That is the max it could go up for 6 months. But I do agree with all if you can get a fixed note and not pay a prepayment penalty in doing so then refi nowI am a mortgage banker in TN & KY

Flora
The best thing you can do for yourself right now is refinance. Honestly, ARMs may seem great to begin with but once that interest rate goes skyrocketing again, you will be paying a lot more than if you refinance and pay a set amount to the mortgage every month.

Carli
Refinance at a fixed rate. Rates are lowest they've been for years, so lock in and stay locked in for the life of your loan.With rates low, ARMS have only one way to go - UP!

Laronda
If you are approved to refinance with a set interest rate, do it.

Deidre
refi now!!!

Carylon
call your lender, they will help you