Can you lock an interest rate when you currently enjoy an adjustable mortgage?
Answers:
Contact your lender and tell them you want to convert the mortgage to a fixed rate.
refinance if you r competent
Contact your present lender, and tell them you want to convert to a fixed rate. Your rate may go up rather bit, but that is your cheapest alternative.
Other than that, you can shop around for a good mortgage broker.
Good luck! Source(s): Mortgage originator and much more. See profile.
Lots of things happening surrounded by the mortgage industry,,, Talk to your mortgage holder. and hope it is a local bank rather than some national outfit. This may not be impossible to tell apart person you originated your loan next to. Many banks sell their loans.
Bush and company is trying to procure the banking industry to REDO some of these loans. The lending institution you hold may be more than happy to give you a rate "Modification" and give everything else the same... Rates are hanging around 5.75-6.25% and may be moving soon as the Fed have lowered rates so maybe mortgage rates will come down too.
I think the only process to do this is to refinance with a fixed rate mortgage - which, judging by the current mortgage and housing trends, you should seriously consider doing. My bf and I enjoy an interest rate fixed at a little over 6% for the next 30 years - it'll perceive really nice when interest rates go into the double digits!
Unless your current mortgage have a convertible option, you will not be able to of late convert it to a fixed rate.
You should however call your lender and see if you qualify for a loan modification, which may fix your rate for a couple more years.
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