Wednesday, February 9, 2011

Payment Changes With a Fixed-Rate Mortgage

I have a fixed-rate mortgage... but my payment just went up.  How can that be?

This is one of the most common questions the Center receives from recent homebuyers who are wondering what's happening...
  • Are they being taken advantage of by their lender?
  • Has their loan been confused with someone elses?
  • Did they sign the wrong paperwork at closing? 

Using the "Ask A Question" form on the Center's website... several homeowners asked this question, leading us to create a video podcast of the possible answers:

This short video, just six minutes long, gives an overview of how a monthly mortgage payment can change - even if someone has a fixed-rate mortgage.

This is the kind of information that is covered, in-depth, in the Home Stretch workshop.  If you're thinking about buying your first home, think Home Stretch first.

If you've already bought your home... and have a question about your mortgage or your payment, feel free to contact a local housing counselor today!

No comments:

Post a Comment

This is a moderated blog. That means all comments will be reviewed before posting. In addition, we expect that participants will treat each other, as well as the Center, our Counseling Network and other partners, with respect. We will not post comments that contain vulgar or abusive language; personal attacks of any kind; any offensive terms; spam; are clearly “off topic” or that promote services or products. Comments that make unsupported accusations will also not be posted.