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Are Mortgage Companies Allowed To Give An Adjustable Rate Mortgage(ARM) To Lenders Of A Certain Age?

Question by ewushi | Posted in Renting & Real Estate

I take it 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 experience to persuade my lenders to reduce my interest rate, or

Answer: what law requires that lenders disobey the fair housing act?

i wouldn't think that they could discriminate on the bottom of age for ANY reason. it is illegal.

 
 

Does Anyone Know At What Rate A 30 Yr ARM Mortgage Would Be?

Question by AF1 | Posted in Renting & Real Estate

I have found out these don't exist anymore but I wonder what it would likely be if it did exist. I have a mortgage carried by a non-public party outside the US that is based on the US 30 yr ARM rate. I used to get the rate out of the newspaper to provide

 
 

I Have A 5 Year ARM Mortgage And I Need Advice On Refinancing To A Fixed Rate Mortgage?

Question by ssk402000 | Posted in Renting & Real Estate

When I bought my legislature it was worth 291,000 where I made a down payment of 20,000 and now I am having an appraisal getting done and with the enclosure market as it is, i'm sure its worth much less. I originally had a 5 year ARM mortgage at a 5%

Answer: Call your mortgage servicer. The LIBOR measure is DOWN. Your rate may not adjust UP! Or not very much. Find out what the current MARGIN and INDEX are on your current mortgage.

As large as the LIBOR stays low (which won't be for more than

 
 

What Are Mortgage Interest Rates Based On And How Do I Estimate What My ARM Rate Will Be When It Adjusts?

Question by Been there, done that | Posted in Renting & Real Estate

My 5-1 ARM adjusted last year and went to 6.25%. It will set again this November. Are mortgage rates based on the feds fund rate? Or something else? How can I viewpoint what my new rate will be?

Answer: There are multiple indices that are employed by mortgage holders to adjust a mortgage rate. some are tied to t tresury bills, some are tied to the LIBOR rate.
You will beggary to check with the mortgage holder, (or just check your original mortgage

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Is There A Prepayment Penalty On An ARM - Adjustable Rate Mortgage In California?

Question by sanfrancisco_dreaming | Posted in Renting & Real Estate

I identify that there is no prepayment penalty on fixed rate mortgages in California. I'm looking to pay off my mortgage in the next 2 years and the rates on the 3/1 ARMs look reliable. However, a prepayment penalty may invalidate the savings.

Answer: You are inaccurate.
Whether there is a prepayment penalty depends on your specific loan. It has nothing to do with the solemn you are in or the type of loan you have, at least not in California.

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ARM Explanation Adjustable Rate Mortgage - Quicken Loans

Speed up Loans is a leading provider of adjustable-rate mortgages at www.quickenloans.com ARMs go to bat for lower interest rates without the risk of ...

Current Mortgage Rates Higher As Number Of Applications Increases ...

by John Waters

(First Syndication Gossip) The 30 year arranged rate mortgages moved higher today compared to yesterday (see charts below).

The compute of mortgage applications increased 18 percent last week while refinance mortgages as though up 75 percent of all applications, according to the Mortgage Bankers Consortium (MBA). Mortgage refinancing was up 21 percent.

30-Year Solid Mortgage Rates

The as a rule 30-year inflexible rate mortgage (FRM) was 4.88 percent today, according to facts tranquil by Paramount Syndication Dirt. Approximate that to 4.85 percent on Tuesday. That is an gain of 3 footing points. Interest rates have moved higher 3 of the last 10 days.

Run after had a rate of 4.953 percent for their 30-year FRM. That is down 7 infrastructure points from Tuesday. Bank of America had a rate of 4.902 percent which is the same as yesterday.

15-Year FRM and 5/1 ARM Rates

The commonplace 15-year rigid rate mortgage rose 3 essence points to 4.34 percent today. Mortgage rates for this artifact were higher 4 of the last 10 days.

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