If you're one of the $50 Billion worth of Adjustable Rate Mortgages (ARM) that are set to adjust this fall you may want to get busy on it right now. Interest rates are holding their own right now. Property values are falling in most areas of the United States so if you have an adjustable rate mortgage there is no better time than the present to refinance out that ARM. I know that here in Florida most homeowners that I speak to have lost anywhere from 10-20% or more. Keep in mind that if you refinance your adjustable rate mortgage you are going to have to oder a new appraisal and if your new loan amount comes in at 80% or more of the value of your property you will have Private Mortgage Insurance (PMI) which will be added to the monthly principle and interest payment. Private mortgage insurance can range anywhere from $20 to $300 per month.

If you're not sure what your home would appraise at now you can always check online at websites that offer an free online estimate. These websites search the county records for recent home sales in your neighborhood and also check the sales price of homes that are listed for sale in your neighborhood too. If you're approaching 80% loan to value on your property you should refinance asap to avoid PMI.

If you have A credit, which is a credit score of at least 650 and up you should definitely qualify for a lower rate than you currently have on your adjustable rate mortgage. If your credit is less than perfect you are usually looking at a rate similar to where you are at now although it would at least be a fixed rate mortgage. Your fixed interest rate will also be determined by your income. Can you prove your income or do you need a stated income mortgage? A stated income mortgage is where you do not have to show income tax returns or pay stubs to qualify. The bank or mortgage lender will go by the monthly amount of income that you state on your application. The amount of income that you state must be reasonable for your line of work or type of business.

If you have a pick a payment mortgage you should already have refinanced out of that adjustable rate. Those are the worse products on the market. I have never sold one and don't intend to start now. For those you you who don't know what a pick a payment mortgage is it is a mortgage that you can pick which monthly mortgage payment you would like to make. You can chose to pay just the monthly interest, principal and interest or you may chose to pay less than the monthly interest due. If you pay less interest than is due the interest that has accumulated but not yet been paid is added onto your mortgage. These mortgages are sold as adjustable rate mortgages but the interest rates on these mortgages are higher than the average 30 yr fixed rate.

With all the turmoil that is going on in the mortgage industry right now you will sleep much better at night when you don't have to worry about your mortgage payment adjusting every month, 6 months or yearly.

Don't become a fatality of the mortgage meltdown. Refinance now.

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