A few years ago, Adjustable Rate Mortgages (ARMs) were all the rage in North Carolina and Virginia. With rates around 3.5 to 4.5%, you can understand why. Many of those ARMs are adjusting now, or will be soon. With Prime, LIBOR, and other indeces considerably higher than the were a few years ago, most of those Adjustable Rate Mortgages are going to increase by 1, 2, 3% of more. And, in six months or a year, they are almost certainly going to adjust again.

A 2% increase on a $200,000 mortgage can increase your mortgage payment by approximately $250 a month. A 3% increase will make your payments go up by $380 a month or more.

If you got an Adjustable Rate Mortgage when rates were super low, don't you think its time to consider converting it to a fixed rate? Fixed rate mortgages have dipped over the past two weeks, and now might be the perfect time to get a low rate fixed mortgage, and never worry about your mortgage payments or interest rates increasing again.

To calculate just how much your Adjustable Rate Mortgage is going to increase, you can use one of our free mortgage calculators. You can also call and speak to one of our licensed loan officers, who will be happy to analyze your ARM and your financial situation. Call us toll free at 1-866-812-4826 before you ARM breaks you.