Second Mortgages Can Cap Housing Costs

In these times of rising interest rates, second mortgages or first mortgage refinancing might be just the thing to keep your housing costs from going through the roof. In a recent article in Parade magazine, How To Save on Your Mortgage, Lynn Brenner considered the question,



“Will Your Mortgage Rate Go Up?”

“If you have a fixed-rate mortgage, you have nothing to worry about. But millions of home owners are sitting on a financial time bomb: Their monthly payments are preset to skyrocket sometime in the next 18 months. These owners have hybrid adjustable rate mortgages (ARMs), which start with a fixed rate for three to 10 years but later are adjusted annually.



“Let’s say you bought a house in 2003 w View the rest of this article