I’ve owned 2 houses, both with a fixed rate. Why do people get an adjustable rate? I never understood the risk. Is it easier to qualify for one? Do you not need to put as much down?
Thanks for the help.

I have heard on the news that we can petition our lender for a fixed rate. They also gave a phone number to a place called, Homeowners Unity Foundation whom I talked to, and they say they charge 00.00 to help you because they work with lawyers that help the process move faster. But they do not guarantee results. Can anyone give me some insight or suggestions?

We have recently applied for a mortgage of £100,000 which monlthly payments are £693 fixed rate for 3 years. This is based on a 100% mortgage and the fact that we both have bad credit, it does not include building and content insurnace of life cover etc? Is this a good deal anyway?
We think that it is as we have been searching for a mortgage for a few months and due to the adverse credit haven’t been getting a brilliant quote the max we could get before was £85,000 for £625 a month.
I don’t mean to should think, but when taking out separate building and content insurnace etc do you start to do that when you get the completion date? Will the estate agents a house you like is with will accept if you don’t have it yet but you do have your mortgage in place? - hope that bit makes sense!

While other kinds of mortgage payments have dropped in line with the interest rate, a fixed rate stays the same. Does this mean that whilst the payments are much higher, the amount of capital paid off each month is more. (its a capital & interest type)

I understand that some law prohibits mortgage lenders from giving ARM to people over certain age. I am 54 years old and I am struggling with this rate now. Someone told me I could use this fact to persuade my lenders to reduce my interest rate, or to move me to a fixed rate. Is this true?

I have checked with my bank, a mortgage broker, and another lender about getting a zero down %100 financing mortgage with no PMI. I have a better than average FICA score, and have a very low debt to income ratio. The best interest rate for a 30yr %100 financed fixed mortgage I rcvd was 7.5 (with lowest closing fees)
My friends and family insist I’m getting screwed over and should be getting a low 6 interest rate.
My question is should I expect a low interest rate when I have no money saved for closing, and no down payment? Does my rate sound normal for high my situation? Is 7.5 really that bad for %100 financing of fixed rate?
(I’m in Texas, 1st time home buyer, recent college graduate, single mother of three young kids—so unable to save a bunch of money)

I have been registered disabled since 2001 my husband is my full time carer, we recieve the normal regular benefits. The mortgage we have was a fixed rate, last year this expired. Would we be able to do anything about it as the rates are now lower than when we took the mortgage out.
the benefits are disability living allowance, incapacity benefit, carers allowance and income support

I am in the process of getting a loan for a house. I do not plan to sell it.On the paper work I see checked "your loan does contain a variable rate feature. discloures about the variable rate feature have been provided to you earlier." It came with a booklet on adjustable rate mortgages. no where else in the paper work does it talk about a ARM. It has number of payments such as 24 @ 1,224.30 then 335 @ 1,249.77 and 1 @ 1,246.11.
So is the variable just meaning a change in payments listed above or that my interest rate and payments can change other then what is listed?
I specificaly told them I wanted a fixed rate.

Our mortgage company wants to reinstate our arm mortgage to a fixed mortgage. They forclosed on us, tried to sherriff sale our home several times. We stopped it with a bankruptcy. We told the court why they forclosed on us but when they sent us the papers it was for something different that the forclosure was for unpaid interest from about 1 yr.prior. We will be able to show the unpaid interest was not true once we get our bank and phone records. They even tried to finance a loan for us cutting the loan by ,ooo.oo to a fixed rate but found it was inlawful to sale the home back to the same ones they forclosed on. Now they will reinstate the loan at ,000.00 at a low fixed rate if we want. This will hopefully fix our credit. I know it seems unthankful of us. But the hell they put us and our kids through, trying to find rentals in our area as not to change schools, not being able to buy even a used car or to buy fuel for our home furnace, my patent on hold the kids sports and grades.

My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that’s bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments —and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They’ve both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory refinance is up. Any hope?

What fees would I have to pay? What should I be aware of in dealing with both banks involved? How would re-financing at a fixed rate in the 4’s% effect payment amount and term of mortgage? Currently paying 1200/month with taxes escrowed in this amount.

I got a letter from this company and it knows how much I owe on my current mortgage. What I’d like to know is how they can offer to lower my fixed rate without closing costs and fees (as stated in their letter)? Sounds like some sort of scam? Anyone heard of Vertex before?

What interest rate can I expect on a mortgage loan with my credit scores?
Today I have 564 588 654…I am hoping to have my mid-score up 10 pts by tomorrow, and then i am applying for the loan with the bank. I want a fixed rate, 100% financing, 30 yr loan for 0,000. My income and debt ratios are good. I am closing on the Aug 6th. I have already had the house appraised at 2K, I am paying over K in closing costs, and the house has been inspected. This is my first home purchase, is there anything I am missing?

Where can I find a mortgage company that will pay off my old mortgage. Then let me buy a new doublewide to put on this property. But also let me refinance my automobile and credit card debt all into one monthly fixed rate of thirty years. Is it possible to finance your auto loan in with your mortgage???????
I have a house on this property the old home place ok house, but has no block foundation under it so basicly worth nothing but on the other half of the acre I want to put a house. This is a one acre lot in total with a five year old new vinyl sided garage. I owe ,000.00 on the entire 1 acre.I want to refinance the 11,000. plus borrow enough to pay off my truck and buy a new home and would be nice to pay all my credit cards off and enought to put my power service in and build two porches on the new house. Comes up figuring tight to about 0,000. dollars. Will they go that kinda loan anyone??????

I have an adjustable mortgage with a 2 yr fixed rate, but in 2 months my mortgage payment will increase to 0 dollars. I’m just wondering why it’s going up if the prime rates went down, shouldn’t my mortgage payment go down instead? Please help I’m confused.

my current 2yr fixed rate deal runs out in jan09 so what would be the best mortgage to go for in the current climate? i’m looking for around about 65% of the propertys’ value. also, how soon can i have my new deal in place before my previous one expires so that i dont pay twice in one month.

thanks in advance.