i have a 7.8 interst rate and was wondering how the rates go up and down and my home payment is like 1600 and the loan was for like 210 what will happin if rates go up or down
2007-03-21 14:21:13 · 3 answers · asked by Anonymous in Entertainment & Music ➔ Television
If the rates increase your mortgage increases and vice versa
2007-03-21 14:24:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Are you able to refinance if interest rates go way up? Check with your bank or credit union. Rates could go up quickly and skyrocket your payment. Talk with a professional and get the facts before you get a nasty surprise in the form of a large payment increase.
2007-03-21 14:28:14 · answer #2 · answered by julywmn8 2 · 1⤊ 0⤋
Have a fixed Mortgage rate ,this means your payments are exactly the same every month.(Your interest is very high ,was it self-cert ?) Usually fixed terms last for 2-3 4-5- years.
2007-03-21 14:30:03 · answer #3 · answered by Lindsay Jane 6 · 0⤊ 0⤋