Released: October 21, 2009

Is it time to dump your ARM?

Source: Beth Braverman, Money Magazine (CNNMoney.com)

If you are among the 6.5 million homeowners who took out a low-rate adjustable-rate mortgage during the housing boom, you’ve probably spent the past couple of years waiting for your day of reckoning to come.

After all, you’ve probably heard repeated warnings that when your ARM resets your payments would spike dramatically: an especially big problem if you used a low-rate ARM to stretch for a home you could barely afford.

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