When the interest rate on your ARM is about to adjust, you have many options:

• Remain with your existing loan;
  Depending on market conditions this option may result in a higher monthly payment. However, the rate adjustment may also result in a lower monthly payment. It is important to remember that if you choose to keep your ARM you remain subject to possible future rate adjustments based on the terms and conditions of your mortgage agreement.
• Refinancing to a fixed rate loan;
  Ross Mortgage has a variety of fixed rate mortgages from which to chose. Terms can vary from 10 to 40 years. We also offer low to no closing costs refinancing options to help you save. A fixed rate loan will provide the following advantages:
  • Protection from rising interest rates.
  • Security and predictability of fixed monthly payments for the entirety of your loan.
  • Faster equity growth.
• Refinance to a new ARM;
  If you plan to sell your home in the next few years, selecting a new ARM may be your best option. The benefit will be lower monthly payments for the short time that the loan is in effect.

Our team of professionals will help you select the adjustable rate term that fits your timetable. Ross Mortgage provides ARMs that offer initial fixed rate periods of 1, 3, 5, 7, and 10 years. Also, if you are an existing Ross Mortgage customer, you may qualify for a streamlined refinance that carries no closing costs.