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Just lost my job. Is there a way to lock my 5-year ARM without the expense of refinancing?

Anyone have any idea about locking in a fixed rate without the expense of refinancing?  I just lost my job and don't know how long I will be unemployed with this economy.   
  • January 17 2009 - Forest Hills
  • 0Yes

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Answers (1)

No- only if your note had a "convertible" option at the end of the 5 year period. I do not ever remember seeing a 5/1 with this option. Your arm maynot convert to a much higher rate- could actually be lower, depending on the type you have.

Read over your documents, reviewing the note and arm disclosure. Make note of your "Index", "Margin" and "Caps".

The index + the margin = your new rate at the time of conversion.
  • January 17 2009
  • 0Yes

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