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rate adjustment

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Eather Guest 0.10 Dollars($)	Posted: Tue Jun 12, 2007 4:04 pm    Post subject: rate adjustment husband and I have an arm.. we had plans of refinancing before the rate was going to adjust..bt we kind of got into financial trouble as husband unexpectdly went unemployed and ill..nw we are trying to caught on thinhs and are not positioned well to refinance..did like to know what happens at time of adjustment? will they look into out credit, credit is not good so to say...rate would adjust in next few months...real thing is that myself not sure about this adjustment and needed some help on how it will work... _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
miller_st Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)	Posted: Tue Jun 12, 2007 5:09 pm    Post subject: 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
blue Joined: 21 Oct 2005 Posts: 1138 Location: MARYLAND 137.64 Dollars($)	Posted: Tue Jun 12, 2007 5:27 pm    Post subject: It would be really helpful for you if you can go through this page to know how arms work and how the rate adjusts on them: http://www.mortgagefit.com/arm-basics.html Thanks Blue _________________ Lets help each other. Try my blog
ezmortgageloanz Moderator Joined: 06 Apr 2007 Posts: 124 Location: National 37.57 Dollars($)	Posted: Wed Jun 13, 2007 1:34 am    Post subject: 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 0.10 Dollars($)	Posted: Wed Jun 13, 2007 12:34 pm    Post subject: Check how much the rate would be after the adjustment and compare it with the rate offers on a refinance to decide if you should go with a refinance or let the rate adjust on this present mortgage.
ceo Joined: 13 Jun 2007 Posts: 4 Location: Forest Hills, Queens 2.51 Dollars($)	Posted: Wed Jun 13, 2007 1:38 pm    Post subject: Need Not to Panic.. 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.]

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