Posted on: 04th Feb, 2009 03:05 pm
i have requested a 30 year fixed mortgage,however, they are only willing to do a 5 year demand mortgage. i am concerned that they will demand payment and insist we refinance at a higher rate. the mortgage officers assures me that they have never raised the rate for a customer in the history of the credit union. i beleive a 15 or 30 year fixed rate mortgage is in our best interest. they also assure us this loan is not a 5 year arm - sure feels like it to me! not sure what to do.
What is the rate they are offereing?