Hello,
I have a 3/1 arm I closed 9/04. National City is who has my loan. It is currently at 5.5%. My question is…is there any way to convert it to a fixed rate WITHOUT a refi.
Thanxs
Look into the length of your Prepayment Penalty, if there is one. If there is one, you should call your current lender, National City, and see if they can do a “Rate & Term” refinance without a Prepayment Penalty. If you do not have one, then you have more choices to shop around. Either case, look into National City and see what they can do since you’re currently a client of theirs.
Call Natl. City and ask them about a “Loan Modification”. I just did the same thing with my lender (Wells Fargo). Your rate is going to go up though because rates have gone up since 04.
Thank you!!! I will do that, could you explain a loan modification?
Thanx
It is very simple. Just call your lender and ask them about a “loan modification”. What they do is just adjust your program and your rate without charging you all the refinance fees. If all your payments have been made on time you should have no problems.