Finance Articles

Adjustable Rate (ARM) Mortgage Holders Should Refinance to Fixed Rates, Recommends the Katz Mortgage Team

Atlanta, GA (PRWeb) December 5, 2006 -- Katz Mortgage Team, www.KatzMortgageTeam.net, of Amtrust Mortgage Corporation, has announced they are now advising many of their ARM holders to secure a fixed rate mortgage after this recent rate drop.

Just this past week, the US Treasury 10 year Note dropped to 4.4% for the first time in a year. This translates to thirty-year fixed rate mortgages dropping from the high 6% range in July of this year down to the mid 5% range today. Many on Wall Street feel that a slowing of the real estate market, coupled with higher energy costs have pushed rates down. They also caution that as unemployment stays around the 4.5% mark and the economy starts to heat up, inflation fears will once again push rates in the opposite direction.

During the unprecedented refinance boom of 2002-2003, many homeowners took out five year and three year adjustable mortgages at historically low rates. Most of these are tied to either the one-year LIBOR or one year T-Bill. Today those loans would adjust to rates in the 7.5 to 8% range, which means that many homeowners could see mortgage payments rise 25 to 40%.

Stephen Katz, of Katz Mortgage Team states, "Many of our clients took advantage of the super low ARM rates of three and four years ago and have saved a tremendous amount of money. But now we urge these homeowners to take a look once again at refinancing to a more stable fixed rate. If a family plans to stay in their current home for more than two years, or if they plan to keep it as a rental, now is the perfect time to switch horses and go back to a fixed rate."

In today's mortgage marketplace, there are a number of fixed rate terms as well as fixed rate interest-only options that help keep payments low at a constant interest rate. Borrowers can choose to get the lowest rate possible or may prefer to go with a zero closing cost loan.

"Today there are at least a dozen ways to package up a fixed rate mortgage loan," Katz states. "Our advice is to spend some time discussing your entire financial situation with a trusted mortgage consultant. How long do you plan to stay in the house? What other debt do you have? Are you concerned about the payments? These are just a few of the questions that need to be asked to determine the best new loan."

Katz reiterates, "We are in this tenuous window of opportunity with rates. If one has a three or five yr ARM, a low fixed rate may be the best Christmas present they get this year."

About Katz Mortgage Team
Katz Mortgage Team, backed by Amtrust Mortgage Corporation and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers in 24 states across the nation. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, mortgage refinancing, adjustable rate mortgages (ARMS), fixed rate mortgages, and a wide variety of Interest-Only loans attractive to real estate investors seeking investment properties.

About Amtrust Mortgage Corporation
A leader in mortgage banking, Amtrust Mortgage Corporation specializes in retail mortgage lending and is one of the largest independently owned mortgage companies in the nation. Constantly expanding coverage, Amtrust currently operates in the following states: Alaska, Alabama, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Maryland, Michigan, Mississippi, Missouri Minnesota, North Carolina, New Jersey, New Mexico, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington.

For more information, contact:
Stephen Katz - Senior Loan Officer
866 742-8400 (toll free)
www.KatzMortgageTeam.net

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