You cannot go from an adjustable rate to a fixed rate mortgage and lower your payment. The low introductory rate on your ARM was artificially low. The loan officer probably told you that by the time your mortgage adjusts, you can refinance or sell to get out of it. Unfortunately, that payment may be more than you could afford already. Now, you havent made any plans to move so you are looking at a refinance and not liking what you see.
You
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
