If I ask for a fixed rate and am told thats what I am getting,and I ask again and again am told thats exactly what I am given,is the finance company responsible ethiclly,as say a lawyer or a doctor to be above board. when is it questionable and who protects the people or regulates finance companys from giving out an ajustable rate instead.
2007-08-04 07:16:02 · 3 answers · asked by Stevie Do 2 in Business & Finance ➔ Other - Business & Finance
congress is working on it but if it says you got a fixed mortgage (only way to go too) then you got a fixed mortgage. Just look at your payment book if its the same payment month in and month out for30 years its fixed.
2007-08-04 07:20:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You must read before you sign. They may have written it wrong on purpose or by accident or thought you had agreed to an ARM or they could be liars. Unless you have proof you asked or a fixed rate and showed up at closing to find it was an ARM you can't do anything but not sign. If they find a patern of fraud they will shut them down but not in time to help people who signed for loans they didn't read first.
2007-08-04 14:22:09 · answer #2 · answered by shipwreck 7 · 0⤊ 0⤋
Read the documents FULLY at closing. If you didn't get what you asked for, then WALK AWAY. Too many people get to closing & then do not want to just walk out b/c the process to get there was such a pain, so they just sign something they KNOW is a bad idea. DON'T DO THAT!
2007-08-04 14:20:44 · answer #3 · answered by Tom's Mom 4 · 0⤊ 0⤋