My mortgage will go to adjustable soon and what can you tell your lender so the interest stays the same? I have a 3/1 arm.How can I convince my mortgage lender to lower my interest rate?
You really have no control over your interest rate. You can try to plead that you don't have the money if it increases, but... tough ****. You can try to compare interest rates in your area, but it won't do any good because the terms of the loan you signed are unique.
That's the entire point of an ARM, the interest rate stays low for the first few years, then is subject to increase after that. Sorry if you don't understand this, but that is not your lender's fault.
You're not alone (millions of borrows don't understand the terms of the legal documents they sign regarding mortgages), but that might not give you much comfort.How can I convince my mortgage lender to lower my interest rate?
Refinance it to a fixed rate.
No comments:
Post a Comment