Article Score0

Am @ 6.4% now, had the loan for a year & am able qualify to get a better interest rate after a year, was told the rate is @ 6.4% for that loan now but arent mortgage rates going down?, so why or is this rate for this type of loan going to be going lower any time soon? Citi Rep told me that this type of loan rates are higher than conventional mortgages but shouldnt it be going down just like every other mortgage rate?
No this is not an ARM – I am not dumb enough to sign up for one of those. This is a fixed rate mortgage. 6.4% right now, it was a conventional but I signed up for the SMART program/equity excelarator where I pay biweekly so I will have my mortgage paid off in 19 yr not 30. Part of the program is that if after a year of no late payments you can get a better interest rate(if available) without having to refinance. What I wanted to know is why these rates for this type of mortgage arent going down like 30yr conventional rates are. Or where I could get more info on how they figure out these rates for this program.

3 Thoughts on Currently have a S.M.A.R.T Loan & can modify it to new interest rate after a year – What rate can I get?
  1. Judy
    February 10, 2014 at 3:49 pm

    You have an adjustable rate mortgage = ARM
    Arms are tied to a certain rate
    some are tied to cd rates some to the Libor
    Sorry – you signed up for that –
    after a few years that libor could go up
    or your mortgage can adjust
    you could see your monthly mortgage almost doubling

    At that time, THEN you do a refinance
    NEVER get a fixedvariable rate or an ARM ever again
    that is considered subprime – for dummies
    Get a conventional 15 or 30 year fixed – and stop letting banks take advantage of you.

    Spend an hour reading over your mortgage papers so you can understand what you signed.

  2. Rose Smith
    February 10, 2014 at 4:04 pm

    Hello everyone,
    My name is Mrs Rose Smith and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $ 58,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Steve Davidson of Davidson loan Financial Incorporated, he was the Saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $ 58,000 USD and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson via email because he is the most understanding and kind hearted lender

  3. Donald George
    February 10, 2014 at 4:19 pm


    I am Mr. Donald George (CEO) of Donald Micro Finance Company; we offer all kinds of loans with different currencies,

    I’m a registered and accredited loan lender that give out loan to loan seeker at the below loan interest rate, interested person should contact us with our company e-mail below,

    We offer loans at low interest rate of 2% just to help you with the loan; our services are flexible, within a short period of time your loan will be infected to your bank account,

    You can contact us with our company e-mail address below,

    We await your contact…..

    Donald George (CEO)

    Donald Micro Finance Company


    Contact us via e-mail….

    Thanks for your patronage

    Leave a reply

    Register New Account
    Reset Password