I just did the closing and find out that real interes rate for thsi mortgage is 9.25 % . It's a 5 year arm. I wander if any1 knows when and where in the document during the processing ( not a closing) lender or brouker should specify the real INteres rate not an option for 5 years. Is truth in lending under APR should have the real rate or the introduction rate?
Thanks for the help.
2007-06-26
08:17:20
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4 answers
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asked by
PicassoInActions
3
in
Business & Finance
➔ Credit
i understand that 5/arm loan has fixed % for the first 5 years but what it comes to that rate is not 2.37 as i initialy have for 5 years it's 9.25 % from scratch but i have the option to pay of 2.37 for the next 5 years which leads that 9.25-2.37 is the difference that goes on top of my mortage every year.
The question really is : are there any requirement that lender must disclosed the interess rate before closing.
I never been told about 9.25 till closing and it's no where in the documents.
The first time it apears it was on note during the closing.
2007-06-26
09:18:35 ·
update #1