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Find Out Why Victoria Carter is One of ERA's Top 10 Realtors Worldwide! Call Victoria today at 973-376-6794 or e-mail Victoria-Carter@Burgdorff.com.
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"Just wanted to write a quick note of thanks for helping us."
Shannon & Geff GattestWEST ORANGE
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Maplewood, Short Hills and Summit Photo Gallery Request my Free Maplewood, Short Hills and Summit Relocation Package. It's packed full of useful and important information about the Maplewood, Short Hills and Summit, New Jersey area. Don't move here without it! It's my job to know EVERYTHING about Maplewood, Short Hills and Summit! Ask me any question. Or request a FREE information package. There's no obligation, and I promise to get back to you quickly... 
Financing Your Home >Convertible ARMs
Many lenders are offering a type of Adjustable Rate Mortgage which will allow the buyers to convert their ARM to a fixed-rate mortgage without the expense of refinancing. There are several variations of this type of loan, so you should be informed about the various options before you decide on a loan.
Each lender places restrictions on when the ARM can be converted to a fixed-rate loan. Some allow a conversion after the first year of the mortgage, while others allow a change only on the rate adjustment dates. There is usually a fee for converting the mortgage, but it is much less than the cost of refinancing. The rate that you will pay after the conversion may be slightly higher than the going rate for fixed-rate mortgages. A real estate agent can provide you with a list of lenders who offer convertible ARMs, so that you can shop for the one that is best for you.
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| Q |
What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million. |
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- NUMBER1EXPERT™ 
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