This 1/2% below prime rate has been great! My monthly "necessary" pmt is only just over $200.00 on $88,000. owed.
However, I would like to lock in a low rate, fixed mortgage, because if the prime rate triples, so will my payment.
Any advice or thoughts?
I have no experience with this. I had a friend in a bank, who always did loan things for me, but he is gone now.
Thanks
Pam
Hi Pam,
If your property is underwater, then for something like this you would need to contact the lender and see if they can work something out. If the value isn't underwater then you should be able to shop rates with other lenders if you do not want to remain with the lender you are with, credit unions are usually a good place to begin.
Best Regards,
Cat Damiano
LoanSafe.org Moderator
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