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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.
    /

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    February 10, 2014 at 4:04 pm

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