Posted on: 16th Jul, 2009 06:18 pm
I received a letter from my mortgage co in reference to my rate change. Now, when I add it up it comes out to 6.9, but they say in the letter that my rate is 7.875. Could someone please add these calculations for me and let me know if I'm right?? Its a 6 month libor rate at 1.73563% plus my margin of 5.25000% rounded to the nearest 0.125%. I have written letters to my mortgage co and keep getting back the same figures and the same bottom line. Any help is appreciated!! I really need to know if I'm right or wrong. Thx!!!
the total is 6.98563 and rounding to the nearest one-eighth brings you to 7%.
you're a whole lot closer than your mortgage company is, shellpea. you need to have a conversation with someone who knows how to do real math over there.
you're a whole lot closer than your mortgage company is, shellpea. you need to have a conversation with someone who knows how to do real math over there.
Thank you so much!! I'm pretty good at math, but though i was missing some mysterious figure to get to 7.875%. I have sent letters to the attorney generals office and now I am going to put a complaint in with the Division of Banks tonight. I just wanted to make sure I had a leg to stand on before filing the complaint. Thanks again!!!
how about the lender itself? don't they have someone who has a sense of how to add or subtract - wait, they better know how to multiply and divide. maybe that's the problem.
or have you already rung their doorbell?
or have you already rung their doorbell?
Hi, Yes i have come up with 7% too. You lendor is quite off alot.