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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 appreciate 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 factually to persuade my lenders to reduce my interest rate, or

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

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

 
 

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 modify again this November. Are mortgage rates based on the feds fund rate? Or something else? How can I guess what my new rate will be?

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

 
 

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 gratis 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 shelter market as it is, i'm sure its worth much less. I originally had a 5 year ARM mortgage at a 5% rate but

Answer: Call your mortgage servicer. The LIBOR hint 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 desire as the LIBOR stays low (which won't be for more than

 
 

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

Question by AF1 | Posted in Renting & Real Estate

I the hang of these don't exist anymore but I wonder what it would likely be if it did exist. I have a mortgage carried by a concealed 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 placate

 
 

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

Question by sanfrancisco_dreaming | Posted in Renting & Real Estate

I conscious 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 assets c incriminating evidence. However, a prepayment penalty may invalidate

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

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Mortgage Minute: ARM

www.kw.com An Adjustable Rate Mortgage may present a lower initial interest rate and monthly payments than a conventional prearranged rate mortgage. After ...

Current Mortgage Rates Today Lower – Well's Fargo BofA and Chase ...

by John Waters

(Richest Syndication Intelligence) Mortgage interest rates dropped today with main changes at Wells Fargo and Pursue banks (see charts below).

30-Year Settled Mortgage Rates

The regular 30-year anchored rate mortgage dropped 2 principle points today hitting 4.748 percent. Well’s Fargo drastically reduced their mortgage rate from 4.81 percent to 4.69 percent. That is a 13 essence drift reduction. In particular areas their 30-year FRM is 4.76 percent. That is a reduction of 13 underpinning points from 4.89 percent Monday.

Bank of America dropped their rate one constituent score to 4.868 percent. Their interest only loans strike down 2 infrastructure points to 5.5 percent.

JPMorgan Follow dropped their 30-year rates to 4.897 percent. That is a 3 infrastructure nub spot from Monday’s rate of 4.93 percent. Pursue also dropped their 20-year FRM 13 infrastructure points to 4.729 percent.

15-Year FRM and 5/1 ARM

The common 15-year rooted mortgage rate dropped 2 base points to 4.206 percent. Well’s Fargo dropped their rate 13 bottom points to 4.20 percent and Bank of America dropped their rate 2 heart points to 4.40 percent. Hunting dropped their rates 2 essence points to 4.502 percent.

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