Fighting for a fixed rate.Q I purchased a home two years ago and my mortgage payment started out at $397 a month, Now it is $567 a month. I found a lender to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. my 10% interest rate down to 6% but they insist on giving me-another adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. in of one with a fixed rate. I cannot afford for the mortgage to keep changing; What can t do to get a fixed-rate mortgage? R. Favors Great Lakes Great Lakes, group of five freshwater lakes, central North America, creating a natural border between the United States and Canada and forming the largest body of freshwater in the world, with a combined surface area of c.95,000 sq mi (246,050 sq km). , IL A First, I want to commend com·mend tr.v. com·mend·ed, com·mend·ing, com·mends 1. To represent as worthy, qualified, or desirable; recommend. 2. To express approval of; praise. See Synonyms at praise. 3. you for not accepting the adjustable rate mortgage the lender tried to force on you--you should never agree to loan terms that do not suit your needs. You should always be prepared to negotiate for the rate you want, which means using competition to your advantage. This will require you to aggressively shop around for a mortgage rate you can live with, Remember, fixed rate mortgages will carry higher interest rates than adjustable rate mortgages. If your bank can't give you a satisfactory rate, turn to the Internet. Check Bankrate.com (www.bankrate.com) to find the average loan rates in your part of the country. Then visit online mortgage lenders such as Lending Tree (www.lendingtree.com) and E-loan (www.eloan.com), which offer competitive rates on mortgages. You can then challenge other lenders to beat the Website offers. Defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. any credit checks until you find an offer you like because multiple credit checks from Website lending partners will hurt your credit rating. Mail your money management questions to Ask Money Matters, BLACK ENTERPRISE, 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011 or send an e-mail to scottm@blackenterprise.com. |
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