If you have an Adjustable Rate Mortgage (ARM) and the interest rate has already been adjusted up or your adjustment term is nearing, a new ARM may save you money.  Most ARMs have a lower interest rate for the first period.  By refinancing with a new ARM, you can lower your current interest rate and replace it with a lower first period interest rate or a fixed-rate and term mortgage.

Copyright 2004 Paladin Financial Services Corp.