Posted on: 22nd Oct, 2008 09:55 am
What would a 5/1 ARM fully amortized mortgage (taken out in 2003) be resetting to right now?...What would a 5/1 ARM fully amortized mortgage (taken out in 2003) be resetting to right now?
Hi Crussell,
You need to provide more info. You can find all of the answers on your Note, which you will find in the closing papers you got when you purchased your home. On it it will tell you the index that your loan is tied to, ex. 10 yr. treasury, LIBOR, COFI, etc. You also need to know the margin.
Once you know this, you can google the index and you will find the curent rate, and then add the index to that number and that will give you an idea of what your rate will reset to.
Kim
You need to provide more info. You can find all of the answers on your Note, which you will find in the closing papers you got when you purchased your home. On it it will tell you the index that your loan is tied to, ex. 10 yr. treasury, LIBOR, COFI, etc. You also need to know the margin.
Once you know this, you can google the index and you will find the curent rate, and then add the index to that number and that will give you an idea of what your rate will reset to.
Kim
Hi crussell,
I agree with Kim here. You'll have to give us some more information on your loan such as the margin and the ARM Index associated with your loan. The margin usually varies from one lender to another. The value of the Index will be same though. The mortgage rate after reset will be equal to sum of the Index and margin.
Good luck
I agree with Kim here. You'll have to give us some more information on your loan such as the margin and the ARM Index associated with your loan. The margin usually varies from one lender to another. The value of the Index will be same though. The mortgage rate after reset will be equal to sum of the Index and margin.
Good luck
