Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can recent problems with bad credit affect the interest rate on my adjustable rate mortgage?

April 26, 2017bad credit Estate financing Home Interest rate mortgage mortgages types

0

Posted

Can recent problems with bad credit affect the interest rate on my adjustable rate mortgage?

1 Answer

0

Posted

The initial interest rate was based on the pervailing margin and index of your ARM (Adjustable Rate Mortgage) at the time of the origination of the loan. The terms will only changed based on what the margin and index does after and is not effected by any credit issues AFTER you closed on the transaction. Now, if you have to refinance or reconfigure the loan with the lender, you may have an issue because they will have to repull credit. Good luck!