Posted on: 13th Jul, 2009 10:56 am
I just received a letter from my lender letting me know that my 5 year fixed period was over and that the adjustable period would take affect on 8/1. The rate did not go up, it actually stayed the same, however the letter stated that I was at the low % rate of the loan (6.725) I looked at my original papers and there is nothing that states the adjustable rate will not drop below a certain percentage. Is this legal?
thefoodguy
Welcoem to the forum
I would suggest you to call your bank and ask them if they offer better rates, since the currecnt rates in market or lower than 6.725%
Also see if you can work out a fixed rate at alower rate
But there isnothign illegal about what they have offered. Everythign is based on thier situation and terms
Good luck
Welcoem to the forum
I would suggest you to call your bank and ask them if they offer better rates, since the currecnt rates in market or lower than 6.725%
Also see if you can work out a fixed rate at alower rate
But there isnothign illegal about what they have offered. Everythign is based on thier situation and terms
Good luck