| Connecticut Mortgage |
| Contact - Click Here |
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| 860-225-5731 / 712-5553 |
| Email : |
| Info@MortgagesInCt.com |
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Got a Mortgage That is About to Adjust?
You could be in for a nasty surprise. Your mortgage will almost always be adjusting upwards, maybe to around 12% +. Your new rate will be based upon an index, like the federal prime rate (7.5% on 02/23/2006) with a margin added to it.
Example :
| Prime Rate = 7.5% |
| Margin = 4.5% |
| Your NEW RATE = 12% |
After 1 year:
| Prime Rate = 8.5% |
| Margin = 5.5% |
| Your NEW RATE = 14% |
Your rate three years from now = ??????
Check your mortgage contract for details. Your current mortgage lender may actually tell you ahead of time what your new rate will be.
Actual "fine print" from a mailed mortgage
offer - note capped rate.
Always remember to read the fine print.
A better option than paying a greatly increased rate is to refinance into a low fixed rate mortgage.
Call 860-225-5731/712-5553
