Adjustable Rate Mortgages — What are Your Options?

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Knowing what option to take if your adjustable rate mortgage (ARM) is about to adjust can be confusing. Provident can help answer your questions. There are three basic choices:

1. Stay with your current ARM after the rate adjusts
2. Refinance with a fixed rate mortgage
3. Refinance with another ARM with terms that better fit your needs

There are many things to consider: When your rate adjusts, what will your payment be? How often will that rate adjust? Are you planning to stay in your current home or do you plan to move in the near future? Can you afford the closing costs associated with refinancing? Are there prepayment penalties for paying off your current ARM?

Provident’s mortgage professionals can address your concerns and clear up the confusion. If you have questions about your current ARM, bring your contract in and let us review it with you. If refinancing is the best option, let our experts help you decide which mortgage option fits into your plans and your budget. Remember, Provident is here to serve you and we’re here to stay. Your financial well-being is our top priority. Stop by or give us a call at (650) 508-0300 or (800) 632-4600; Ext. 1-2703.