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| *Loan,banking and credit>>>bad credit mortgage |
Mortgage 30 yr fixed rate changes if my credit goes bad? |
I live in Southern California. I have a 30 year fixed mortgage at 5.4%. Currently my credit is good. If something happens and my credit goes bad, will my 30 yr fixed mortgage change as well? No, you're thinking of the universal default rule with credit cards where your APR can go higher if you miss a payment on the aforementioned credit card or any other credit cards. But credit card payments are usually always variable. With a mortgage, regardless of your credit score, your interest rate will remain fixed for 30 years if you're in a 30yr fixed mortgage. The only downside is if you need to refinance down the line, or if you buy a new home. By the way, you've got a great rate. Learn more at http://www.thetruthaboutmortgage.com... No. Not unless you have something strange in your loan papers that allows this, but I've never heard of such a thing. You rate is fixed for the life of the loan. If your loan is truly afixed loan, the interest on it can not change. If you decide to refinance however, your interest rate will be reshaped against your credit at that time. In southern California, a 30 yr at 5.4 is a good situation. I wouldn't change that unless you absolutely have to. mortgage broker and realtor in San Diego A 30 year fixed mortgage will maintain the same interest rate you started at for the life of the loan (the full 30 years) no matter how your credit score changes. By the way, in case you didn't know, you have a great interest rate for a 30 year fixed in California. Currently the interest rate for a 30 year fixed, no points is 6.250%. Hannah Padilla ~ Loan Officer http://homeloanandmortgages.blogspot.com... Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-cons... if it helps kindly remember me in your voting!.. cheers! |
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