Posted on
March 22, 2009
at
12:50 pm
I do know one thing .Wehave the variable rate mortgage and I would neveradvice anyone to get one. It stays up fo a yr before going down again IF the interest rate goes down that is. Ours has been up seems like forever even though the rate has been down for a while so i don't know what is up with that.
Posted on
March 22, 2009
at
3:07 pm
If you rate has not dropped, pull out your papers and read the small print Different loansmaybe tied to different indexes which may have not dropped in rate. Also there is usually at statement that your rate is set at so much % over the index rate for the last 6 months or so. All this is built in to the loan to prevent fluctuation in rate when the market is changing in a radical way.
Posted on
March 26, 2009
at
10:12 am
As you say, usually the details are in the fine print and it's not easily caught until after the fact when the interest rates start going up unexpectedly. If you are facing some unexpected rise in interest rates, there may be a way out without foreclosure on your home.
