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Adjustable Rate Mortgage? Posted by Bill Homer [Email] (#3427) [Profile/Gallery] (more from Bill Homer) on Sat, 22 Nov 2008 13:21:15 In Reply to: I embellished a little, but basically true, Saabpilot [Profile/Gallery] , Sat, 22 Nov 2008 08:42:24 Members do not see ads below this line. - Help Keep This Site Online - Signup |
If you have a fixed rate mortgage, raising your rates or payments is not legal. If you have an ARM, then you are suffering the same effect that several million other borrowers are seeing. It is not legal to raise the rate above what is contained in your loan document; if your loan is an ARM and the variable rate adjusted, the bank is perfectly within their rights to raise your rates/payments - it would be irresponsible to their stockholders not to raise your rates.
Note that my current mortgage is a seven year ARM purchased a three years ago; I was expecting to be out of this house by the time it adjusts - but who knows where things are headed? It might be time to shop around for a new loan sooner than later.
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