Back to Results
Hi guys please see following email from my lender and give me an idea. is it a good deal or am i getting ripped off?
Current mortgage terms: %6.21, 5/1ARM 30 years. Current payment:$ 1313
"AF will offer to adjust your payments over the next 34 months based upon two changes to your note. We will drop your initial interest rate to 3.5% from 6.125% and we will calculate your payment using a 30 year amortization (payback schedule) instead of interest only. After the modification paperwork has been signed and your second trust lender has re-subordinated their second trust to Acacia's modified mortgage your new payment will be $1,184.91 (942.09 principal&interest + $202.54 re tax + $40.28 tax escrow shortage). Hopefully after one year a new escrow analysis will be performed and your short portion tax escrow will be dropped.
However in February of 2012 when your loan is scheduled to adjust it's rate after it's first 5 year fixed payment term, it will adjust using your initial original interest rate as your measure for rate increase or decrease however the loan will continue to amortize over 30 years. "
please give me some ideas. I need you help everyone. best regards. BB
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
If someone is offering a 3.5% fixed rate teaser to deadbeats, why am I, a current buyer without credit/mortgage troubles, not getting these rates? There has to be a catch. If a lender could lend at the going rate, why would they choose to offer a lower rate?
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $359,900
For Sale: $299,999
For Sale: $549,900