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ARM Loan ?'s

My husband and I are on the title, but only he is on the mortgage. I was not much involved in the process. I pretty much just showed up and signed. Recently, my husband is not well (in a coma) and I am trying to find out about our ARM loan. The payments are based on 4.72% from September last year and with Scott not working, they are killing me!! Can any of the professional on this platform give me some information on how far down rates have to drop so that my mortgage price will adjust accordingly? Oh, the bank refuses to talk with me about the contract/payment schedule. :-( by scarlet691 from Brooklyn, New York. Jun 3rd 2019 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

It's impossible to advise you without looking at your paperwork and your complete loan profile.. First.. we would need to see the terms of the ARM.. some ARM's are fixed for the first 3 to 10 years, and then they adjust every year after that.. Also, all ARM's have a "Floor Rate".. meaning, no matter how low rates go, your ARM rate will never go below a certain percentage. Also, ARM's are always in increments of 1/8th of a percentage point.. so 4.72% is not a typical ARM rate.. it's most likely the APR.. the ARM rate would be 4.25%, 4.375%, 4.5%, 4.625%, 4.75%, etc... again, in 1/8th increments.. My suggestion would be to gather up the original paperwork that was given to him by the title agency or closing agent when he completed the loan. Take that and a recent mortgage payment statement and go see your local mortgage professional. Do Not walk into a big box bank.. They don't have loan officers,,, they have application takers.. They know nothing about structuring a mortgage loan. Rather, search for a local mortgage broker.. they would be the most qualified.. sit down with them and let them review your paperwork.. once they have all the info, they can advise you.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 4th 2019
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Dave Skow (daveskow)
#1 ranked lender in Washington - 266 contributions

Arm loan programs use an " index " and margin to determine what the rate and payment will adjust to .....once the ARM begins to adjust - the adjustment happens every 12 months ...if you have copies of the loan paperwork - check the promissory note for these details ....the next rate change in sept 2019 will likely make the payment worse or stay the same ..if you are needing/ wanting to be added and to do a new loan - contact your local lenders for options

Jun 4th 2019
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