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Gerald Said:

Is there a website that will create an amortization schedule for an ARM loan (adjustable rate mortgage)?

We Answered:

Hi, I found this site's press release the other day:

http://www.checkmyarmonline.com

They seem to offer interest rate and balance audits for ARM loans, which I think is what you are asking about. The site says you only need your Adjustable Rate Mortgage Note and about 15 minutes to do this online. Hope this helps!

Mae Said:

Why is the home equity loan rate going up while mortgage rate is going down?

We Answered:

The two are not the same and have nothing to do with each other. The prime rate has gone up many times lately so all loan rates will follow.

When you borrow money to buy a home the bank is not the one that loans you the money. Companies bid for these mortgages and when they have a lot of money that needs to be earning something then the rate will go down. When the money is tight then the rate will go up. They will tell the bank they will buy so many millions of dollars worth of mortgages at a given rate. There are several so the rates may not be all the same. Depending on your history the bank and holding co. will decide what company will take the risk.

Deanna Said:

How do I lower the mortgage rate for a jumbo loan?

We Answered:

Since you're using the FHA maximum loan amount ($729,000) you should be looking at pretty decent rates when compared to traditional jumbo mortgage rates. The only option would be to lower the 1st mortgage down to $417,000 and take out a 2nd mortgage for the difference, which will be next to impossible to find.

Craig Said:

I currently have an adjustable rate mortgage loan and would like to set a fixed rate ?

We Answered:

Stay away from this HUF outfit. Sounds like a rip off.

Read your mortgage documents. Some have a clause that you can convert for a fee (usually 1%). If so, contact the lender and ask what you need to do to accomplish this.

If you don't have this clause, you can still ask them to convert it. There may be more fees as it will actually be a refinance.

Dennis Said:

What is a good interest rate for a mortgage loan?

We Answered:

Rates can vary from state to state, type of mortgage and term and your credit score. Right now, my credit union is offering 4.38 on a 15 year, 4.94 on a 30 year fixed and 4.63 on 5/1 ARM for well-qualified. Average APRs at banks are around 5.5 to 5.7 at present.