What is the highest interest rate a mortgage company can charge on an ARM.?

Question

I'm at 10.99%, I thought my rate couldnt possibly go any higher. Say it isnt so...

Answer 1

There is no limit, but most have a cap around 5% higher than the original rate. Your current rate is ridiculous, you are throwing money out the window. You really need to refinance that. If you in California I can help just shoot an e-mail through Y/A.

Answer 2

Thats a very HIGH interest rate unless you are into Hard Money or Foreclosure relapse. You may of also had your ARM adjust on you because the term is up. Say you had the loan two years ago at 8% and now its at 10.99 in one month. This means you could of had what is called a Payment Shock. Best bet is to find out home much equity you have in the house and try to lower your interest rate by refinancing rate and term. No Cashout unless you believe it will benefit you. Look into a 30 year fix interest only and do this quickly because Subprime loans which you have are not closing as easily as they did in the past. Good luck and need any other advice please email me.

Answer 3

The highest rate they can charge is listed in your mortgage contract. If you signed one without a rate cap, the sky's the limit.

Answer 4

Almost sure that you must find every financial solution at= loandirectory.info-

RE What is the highest interest rate a mortgage company can charge on an ARM.?

I'm at 10.99%, I thought my rate couldnt possibly go any higher. Say it isnt so...

Answer 5

It could go up to 12.99 %. You need to refinance. Let me help.

513-860-2940 ext 10

[e-mail]

Martin Smith