I currently have an adjustable rate mortgage loan and would like to set a fixed rate ?
by Mortgage Rates on Saturday, September 18th, 2010 | 3 Comments
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Sure you can petition your lender for a fixed rate but there’s no guarantee they’ll just “give” it to you. No offense but you knew you were getting into an ARM and now you have to deal with it; why should the lender just switch it into a fixed rate for you?
Call your lender and ask if they’ll do a loan modification to get you into a fixed rate, or at least a break on the costs associated with refinancing and get all estimates in writing. From there shop around with other lenders (including credit unions) to see what rates and fees you’ll be charged to refinance into a fixed rate mortgage.
Stay away from this HUF outfit. Sounds like a rip off.
Read your mortgage documents. Some have a clause that you can convert for a fee (usually 1%). If so, contact the lender and ask what you need to do to accomplish this.
If you don’t have this clause, you can still ask them to convert it. There may be more fees as it will actually be a refinance.
Do NOT pay any one any money up front. Contact your lender directly and talk to them. Once you do this you will now if they will change your loan to a fixed rate and all it costs is a phone call.