what do i do about my adjustable rate mortgage?
i owe $ 500,000 on my home. i currently have 2 mortgages. 1 for $ 400,000 and another for $ 100,000. the larger amount is at 5.8%, the smaller loan is for 8.5%. my monthly payment is almost $ 3,000. my home is a 2 family and i have a rental income of $ 1,500 monthly. my 5.8% rate is going to adjust in a year. my home was recently appraised at $ 750,000. i am also a disabled veteran and i haven’t used my VA loan. is there anything i can do before i get caught up in the sub-prime debacle? before anyone chastises me for purchasing a home i couldn’t afford, i earn $ 90,000 a year. my monthly income after taxes is 5,200 a month. i can afford the home, i just want to protect myself and possibly lower, if not maintain my current payment.