Will i need to have good credit if i want to switch from and adjustable rate mortgage to a fixed rat

i am not looking to refinance or anything. it%26#039;s just that my mortgage company sold my loan to another company. the new mortgage company lowered my monthly mortgage payment by 400.00 because they said i have an adjustable rate mortgage. my original loan papers states that my rate wasn%26#039;t suppose to change until 2012, but the new mortgage company changed it this year. they also told me that the new mortgage rate will change in september of this year. do i have to have good credit in order to switch from an arm to a fixed rate?

Will i need to have good credit if i want to switch from and adjustable rate mortgage to a fixed rate mortgage

Yeah !! switch over to a fixed rate when the interest rate hits rock bottom.

Will i need to have good credit if i want to switch from and adjustable rate mortgage to a fixed rate mortgage

you have to have good credit to do anything if life that requires financing.

Will i need to have good credit if i want to switch from and adjustable rate mortgage to a fixed rate mortgage

Go back to whoever wrote your original loan and ask them to go over the papers you signed and explain everything to you. If they are not available, you should go to a mortgage professional at a local bank with all your papers and sit down with them and ask them.

Do this NOW before any payments go up. In order to qualify for a new mortgage (you cannot just %26quot;switch%26quot; - you will need to refinance and that means a new mortgage), yes your credit needs to be good.

Rates are quite low right now so check into this now. One warning: quite often, these ARMs had prepayment penalties. Make sure you look into that before you do any refinancing. The amount it costs you in prepayment penalties now might effect whether or not you should refinance now.

With the difference between the mortgage payments (which sounds strange to me), I would definitely have someone knowledgeable look at everything you have (including any communication you have from the new company) and let you know what your options are.

Will i need to have good credit if i want to switch from and adjustable rate mortgage to a fixed rate mortgage

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Will i need to have good credit if i want to switch from and adjustable rate mortgage to a fixed rate mortgage

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