Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

conventional loan

Posted on: 22nd Sep, 2008 12:09 pm
I was checking out the details on our loan recently. My husband thought we had a 5 year ARM, but on the loan details it says 30 year conventional. Could that still be an ARM?
Hi Kstark,

You need to read your note to find out. There were some 5 year Interest only arms out there that after five years rolled into a 25 yr fixed rate. It is hard to say not knowing more. The best thing you can do is read your note, or you could call your lender and ask them...

Kim
Posted on: 22nd Sep, 2008 07:15 pm
yes, it could still be a 30-year conventional loan. as our guest noted, though, your best method for determining what you have is to review your loan documents.
Posted on: 23rd Sep, 2008 12:38 pm
Yes it could still be an adjustable rate mortgage. A 30 year conventional mortgage just means that it's amoritized over 30 years and is through an institutional bank or lender. Check the copy of the mortgage note to find out.
Posted on: 30th Sep, 2008 12:18 am
Page loaded in 0.106 seconds.