Put ARM questions to your lender (Detroit News)
Story date: 2007-10-14 11:34:28
Added on: 2007-10-15 12:00:17
Q . My adjustable rate mortgage just reset. Since then the Fed has reduced interest rates. My first payment at the new rate is due Nov. 1. My question is, will my bank revaluate my rate based on the Fed's rate cut and do another reset with a lower payments because the index has changed?
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