The Carnival of Real Estate was hosted by the vFlyer Blog and Blown Mortgage was representing again. The entry selected was the “5 Things to do Right Now if Your ARM is Going to Reset Soon” post. I admit, not my most elegant title selection; but the content is worthwhile for homeowners in adjustable rate mortgages that are set to adjust soon. View the rest of the winners at the vFlyer blog.

Here is a snip of the winning post, if you’re hedging on clicking the link.

I’ve put together this list of 5 things to do right now if you are in an adjustable rate mortgage so that you can better manage what needs to happen before your rate changes. I recommend starting this process at least 75 days from your adjustment date; however, if you have credit issues I recommend starting right away - regardless of your reset date.

1. Determine your rate adjustment date.
2. Determine what your new interest rate and monthly mortgage payment will be.
3. Determine your credit score.
4. Determine your home value.
5. Pull together your income, asset and credit information.

Thanks again to everyone that reads Blown Mortgage and your honest and thoughtful participation in this community.  It is always humbling (save for post titles).  — Morgan

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This entry was posted on Wednesday, October 10th, 2007 at 4:14 pm and is filed under mortgage industry. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.