Tuesday, May 09, 2006

Large percentage not affected by interest rate increases

Mortgage rates may be hugely important for some, including families stretching their budgets to get into their first house. But 82 to 84 percent of homeowners are insulated from the direct impact of rising rates, either because they own their homes outright or because they have fixed-rate mortgages.

Have you considered converting your ARM (adjustable rate mortgage) to a fixed rate mortgage? Now might be the time to refinance or see if your existing ARM has a conversion clause. If it has a conversion clause, consider the conversion to a fixed rate mortgage - it is generally cheaper than refinancing.

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