Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

rate adjustment

Author Message
Eather

Guest







Post Posted: Tue Jun 12, 2007 4:04 pm    Post subject: rate adjustment
Like 0
Dislike 0

husband and I have an arm.. we had plans of refinancing before the rate was going to adjust..bt we kind of got into financial trouble as husband unexpectdly went unemployed and ill..nw we are trying to caught on thinhs and are not positioned well to refinance..did like to know what happens at time of adjustment? will they look into out credit, credit is not good so to say...rate would adjust in next few months...real thing is that myself not sure about this adjustment and needed some help on how it will work...
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile miller_st
miller_st




Joined: 17 Jan 2007

Posts: 918

168.95 Dollars($)
Post Posted: Tue Jun 12, 2007 5:09 pm    Post subject:
Like 0
Dislike 0

Hi Eather,

Rate will adjust to be the index plus the margin subject to increase cap your loan has. You need to tell us about your present rate, the index and margin your loan has and what are the rate adjustment caps on it. Other thing is that at the time of rate adjustment your credit will not be checked.

Please provide us these details and we will be able to tell you what you can expect your rate to be after the adjustment.

Miller
Icon Mini Profile blue
blue




Joined: 21 Oct 2005

Posts: 1131
Location: MARYLAND
138.04 Dollars($)
Post Posted: Tue Jun 12, 2007 5:27 pm    Post subject:
Like 0
Dislike 0

It would be really helpful for you if you can go through this page to know how arms work and how the rate adjusts on them: http://www.mortgagefit.com/arm-basics.html

Thanks
Blue

_________________
Lets help each other. Try my blog
Icon Mini Profile ezmortgageloanz

Moderator

best lender badge

Joined: 06 Apr 2007

Posts: 123
Location: National
37.57 Dollars($)
Post Posted: Wed Jun 13, 2007 1:34 am    Post subject:
Like 0
Dislike 0

If you retained the documents when you closed your last mortgage, the answer to all of your questions would be in the disclosures you signed.

As another poster has indicated, your new rate will based upon the sum total of INDEX (most likely LIBOR) + margin (varies).

A 2% increase in rates after adjustment is not unheard of or out of the norm...

Regards,

Scott Miller

_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
bertinelli

Guest







Post Posted: Wed Jun 13, 2007 12:34 pm    Post subject:
Like 0
Dislike 0

Check how much the rate would be after the adjustment and compare it with the rate offers on a refinance to decide if you should go with a refinance or let the rate adjust on this present mortgage.
Icon Mini Profile ceo





Joined: 13 Jun 2007

Posts: 4
Location: Forest Hills, Queens
2.51 Dollars($)
Post Posted: Wed Jun 13, 2007 1:38 pm    Post subject: Need Not to Panic..
Like 0
Dislike 0

Many Brokers have loan programs suitable to help you pull through all of this.. Arms adjust accordingly to current market..
We are here to help...
Frank

[Link deleted as per forum rules. Thanks.]
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.085 seconds.