ARM GOING TO ADJUST

hi jtfaq,

welcome to forums.

if you wish to lower the rate, you can talk to wells fargo regrding a refinance of your arm into a fixed rate mortgage. the loan term will be longer no doubt, say 15-20 years but currently fixed mortgages are available at 5.9%-6%. so, you are likely to benefit from the lower rate.

you may even calculate your monthly payment on an frm by using the frm calculator.

thanks

If you have a good credit score, I would look at refinancing. Wells Fargo will still treat this as a refinance but they usually have higher rates than other well known lenders. I would just shop around for a better rate.

i'm in agreement with lisa - check with wells fargo on their current rates, but also shop around. you may very well find a better deal elsewhere.

I know a lender at wells, I would call them. Evaluate why your loan was subprime to begin with. If the situation has changed, it would probably be easy for you to refi. Wells doesn't want to lose you as a client either. Sometimes they offer loans in house and eliminate the junk fees on the loan.

Research your home as well, make sure the value of the property hasn't declined. Sometimes you can check tax records online to see what current comparibles are. Or you can try this website http://realestate.yahoo.com/Homevalues
Sometimes it can be really helpful.

shop around, but don't let too many people pull your credit. The first lender that pulls your credit is required to give you a copy of that report.

Hope that helps

i have never heard of the requirement that the first lender pulling credit has to provide a copy of the report. i do it anyway, but sometimes i am the second or third lender(!). maybe i should be concerned that i'm doing something i don't need to do! j/k

truly, elnora...where did you learn that?

The Credit Score Notice is a required document. It states that the lender furnish your credit scores and advises the consumer to review all debts being reported and a copy of the information that was obtained.

here is a link http://www.famb.org/documents/NAMBRulesRegardingCreditScoreDisclosure.pdf

I hope the information helps.

the way i read it, it appeared to me you were talking about the credit report itself.

i'm familiar, of course, with the fact act notification requirements. thanks for the clarity.

it does say you need to furnish a copy of the information given by the credit reporting agency used.

Maybe it is just our company's way of interpreting the law.

You should look into refinancing. Wells will not consider lowering your rate unless you are behind on your mortgage payments and that's not a guarantee. Don't ruin your credit in hopes of them just lowering the rate. In most cases of a ARM loan modification, they will simply hold the rate from adjusting up for a longer period of time. If you are at 9.90% with good credit, I strongly urge you to look elsewhere to refinance at a much lower rate.