
MORTGAGE ADJUSTABLE RATE QUESTION?
We bought a house in december 2006 with adjustable rate, we plan to refinance between march and april because we are planning to use our tax return to pay our credit card debits so that our FICO score can be increase so that we can take advantage of the current mortgage interest rate. But today we receive a mail that stated that our monthly payment has been increased from 7.7% to 10%, which make our monthly payment from $1500 to $1800, that is $300 increment need advice on what to do, how to communicate with the bank so that the new increase will be freeze for the next 3 month. please help and no information is too much. Thanks
Call your current mortgage company to see if they will do a mortgage modification that can lock you into a low fixed rate mortgage. If not refi with another company. I don’t know what your credit scores are but if the primary borrower is over 720 you need not wait. I don’t know the appraised value then and now or how much you put down on the home, so I cannot say if these options are viable.
Washington Mutual Fails; JPMorgan Acquires For $1.9 Billion; Talks On U.S.; Money Market Rates Freeze
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