Refinance ARM to Fixed Rate in California
- Refinance to 10, 20, 25 or 30-year fixed loan
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Switching from ARM to Fixed Rate Mortgage
When interest rates are low, many homeowners reap the benefits of the adjustable rate mortgage. However, the situation may change because there is a potential for interest rates to grow and your monthly mortgage payment to increase. In this situation, refinancing ARM to a fixed mortgage rate can be a smart option.
If you consider refinancing to a fixed mortgage rate and don’t know what will be the best in your situation, let us assist you with changing to fixed rate mortgage in Los Angeles and other places in California.
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What Is a Fixed Mortgage Rate?
Even if mortgage rates rise overall, nothing will change for you. And if the rates go down, it is always possible to refinance to a lower interest rate. If you want to have peace of mind and not worry about unexpected interest rate increase, then a bit higher mortgage rate comparing to adjustable-rate options is something that is worth considering.
The Benefits of Refinancing from an ARM to a Fixed Rate Mortgage
Stable Mortgage Rates
If interest rates increase, this doesn’t influence your mortgage payments. This gives you certain stability throughout the whole life of your loan, and this is a certain safeguard to you in case the rates rise. It helps to save a lot on your mortgage payments.
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Refinance Process: Adjustable-Rate to Fixed
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How to Refinance from ARM to a Fixed Mortgage
There are several conditions for refinancing to a fixed rate mortgage:
- Find out if you have a prepayment penalty.
- You need to have a certain amount of equity in the home (usually, minimum 5-10%).
- Consult with us to see if you can not only switch from ARM to a fixed rate loan but also lower your monthly payment. If you want to find a good deal on that, we will gladly assist you.