There are about 1 trillion dollars worth of adjustable rate mortgages that will "re-set" in the coming year. To re-set means that the interest rate period that was fixed at the beginning of the loan will now face adjusting every six to 12 months.

Many of us took out adjustable rate loans that had a fixed period of interest that varied for between six months to ten years.

If you have an ARM and anticipate that your rate will be moving up, call your current lender. Ask their customer service department what they anticipate will be your ballpark interest rate. Get an idea of what your new payment will be so that a decision regarding refinancing can be made while interest rates are still great.

Unfortunately, some homeowners are facing dramatic increases. The loans that they were placed in were not meant to last past 2 thru 10 years. The initial interest rate increase can be as high as 6% above their current interest rate. Please do not avoid finding this out!

Another problem with waiting is that it is possible that you could face value problems. There is so much about market conditions that we don't know" and the biggest one is the"?future. You can find out today what your property is worth and interest rates are still historically low."?