If you have an adjustable-rate mortgage (ARM) and your fixed-rate period is drawing to an end, your first rate adjustment is looming. It's time to devise a plan.

The reason a lot of members got into an adjustable rate mortgage was for the lower payments. Now that adjustable rates have gone up, so have the payments. Now is the time to refinance into a 30 year fixed mortgage while rates are at an all time low.

By refinancing into a 30 year fixed ( or shorter term ) mortgage, you'll never have to worry about rate adjustments again for as long as you live in your home.

If you need help to decipher your Adjustable Rate Mortgage contract and plan your next move, turn to City Credit Union. We can advise you with your best interests at heart.

Do you have a question about the home loan process? Email Linda Mitchell at realestate@citycu.org or call her direct line at 214-319-3048.