z****e
发帖数: 555 | 1 Hi,
I applied refinance. It is 7/1 arm at 2.875.
In the loan estimate letter, "Adjustable Interest Rate (AIR) table":
first change is at 85th month.
The limits on the interest rate change:
First change 5%
subsequent changes 2%.
It also has "Adjustable payment (AP) table":
Monthly Principle and Interest payments:
First Change/Amount: $1,999 at 85th payment
Maximum payment: $1,999 starting at 85th payment.
My question is: the limit on the interest rate change for the first change
is 5%, which means the rate could reach 7.875% at 85th month, and the
payment could be $1,999. But I do not feel comfortable the "Adjustable
payment table" says the first change/amount IS $1,999. I will accept if it
says "the first change/amount limit is $1,999".
Is it normal?
First time to do this, would like to ask around if it is correct.
Thanks, | c*****4
发帖数: 900 | 2 这个table里面说的是第八年开始或者整个30年每个月的payment最高能到多少，而不是
变化多少，放心吧，rate的变化导致的payment的调整都是按标准来的，不会有问题
【在 z****e 的大作中提到】
: Hi,
: I applied refinance. It is 7/1 arm at 2.875.
: In the loan estimate letter, "Adjustable Interest Rate (AIR) table":
: first change is at 85th month.
: The limits on the interest rate change:
: First change 5%
: subsequent changes 2%.
: It also has "Adjustable payment (AP) table":
: Monthly Principle and Interest payments:
: First Change/Amount: $1,999 at 85th payment
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