-
There is no specific formula for your interest rate adjusting if you are past your lock period . There are however ' caps ' on the loan in which your interest rate must stay under. Your ARM loan is attached to an index, most likely the LIBOR or MTA. In either case, the amount of the adjustment depends soley on the American economy or England's economy
-
That's a great question, one that's asked often at my mortgage planning firm. From your question I'm going to assume that you live in Texas. Texas is a state which is not very home equity friendly. Unfortunately, your equity is tied up in your home until you sell and are able to reap the rewards of appreciation. Something you may want to think about
-
Creditors are required to report to the bureaus every single month. Even though creditors are required to report every month most of them are NOT allowed to tell you when they actually report to the bureaus. That comes in to play very often for me being in credit management. Let's say that you paid off one of your credit cards today, Feb 10th 2008,
-
Generally this is caused by an unprofessional mortgage broker not taking the time to ask questions about your current financial situation including the price at which you purchased your home. Often times I will see broker guess as to what your purchase price was by the length of time you've been in the home and the current appraised value. It's considered