WASHINGTON – With problems in the mortgage lending sector dominating the news, homeowners who have an adjustable-rate mortgage (ARM) may be wondering what, if anything, they should do.
“April is Financial Literacy Month – a good time to reevaluate your financial situation and plan ahead,” said Susie Irvine, president and chief executive officer of the American Financial Services Association Education Foundation.
“Think carefully about your ability to handle monthly mortgage payments in the future – and make adjustments, if necessary.”
Tips. The foundation lists these recommendations for all borrowers with ARMs:
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