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Profile picture for plosive

I am in yr 4 of 10 yr ARM. Do I need to re-finance in order to "lock in" low interest rates?

I have a 80/20 with a 10 yr ARM.  I have no trouble making payments, but like many my house is worth far less ($100,000) than what I borrowed so I can't refinance.  I think interest rates will rise, so if there is any way to "lock in" the low rates available now I want to try to do it.  Can it be done? How?
  • October 22 2009 - US
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Answers (2)

Profile picture for Voyage Home Loans
There are options depending on the type of loan your in. Depending on if your loan is a FannieMae or FreddieMac loan you very well could refinance and get locked in. Many home owners don't know the type of loan there in. If you go to FannieMae or FreddieMac's web site and enter your address you will be able to check and see if your are in one of these loans.  
  • October 22 2009
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Profile picture for daveskow
best option would be to contact the present lender servicing the loan and ask them these questions
  • October 22 2009
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