Can my lender adjust my mortgage rate without my knowing?

Hello Arnold - No your lender cannot change your mortgage rate without notifying you. If you have an adjustable rate mortgage, you will get a notification approximately 60 days prior to the change date and then again within 30 days of the new payment amount being due. Communications of this type are always mailed to the mailing address on file, depending upon your servicer, you may also get these types of notifications via email. To determine whether you have a fixed rate or an adjustable rate, you will need to review your copy of the loan documents that you signed. The Note will clearly state whether its a fixed rate or an adjustable rate loan. Be careful not to confuse the fact that your overall payment changed with your rate being changed. As a direct lender we get these types of questions from our borrower's all the time wanting to know why their payment changed when they have a fixed rate. Every single time it has to do with the escrow or impound amounts changing and that has an effect on your total payment amount due. If you are seeing a different payment amount than you are used to, compare the new statement to an older statement to identify the difference. I hope that helps. If you need further assistance don't hesitate to email or call. Have a great day! John Beman, American First Lending Corporation. john.beman@amflc.com 888-779-6500 x 7315

NO.. if you have a FIXED rate mortgage, then your principal and interest payment will not change throughout the life of the loan.. if you have an ARM, you will be notified twice each year as your adjustment period approaches.. If you have an FIXED mortgage, but your payment changed, then it's likely due to increase or decrease of property taxes or your home owners insurance premium... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No. If you have an ARM, or adjustable rate mortgage, your rate can change at specified times which your should be aware of but you will be notified prior to the change of what that change will be. However, if you have a fixed rate mortgage your rate cannot change through the entire life of the loan.

NO....The Lender has no power to change the Loan once it has funded. These agreements have been gone through thoroughly and any changes are only allowed if it benefits the borrower. Unity West Lending is a California's Premier Mortgage Broker, not only will we get you the best rate, we will also enroll you in our 5 Year Rate Protection Program which enables you to take advantage of a lower rate if they should come down after you close a loan with us, for no cost not even an appraisal. Many of our clients have already taken advantage of this great program up to 3-4 times within the last 4 years and it just insures that you are getting the lowest rate regardless if it is today, 6 months from now or even 3 to 5 years from now, you can take comfort of knowing if rates should come down you can take advantage of them while still locking in a low rate today, that is a WIN, WIN situation.

They are supposed to notify you by mail prior to the change. They can only change your rate if your on a Adjustable Rate Mortgage (ARM) or Variable Rate.

You should have in writing what the terms are. Check your NOTE which is usually directly in front of, or behind the Deed of Trust.See what the instructions say in regards to when loan can be adjusted. Generally after a fixed period of time they adjust once a year.

If you have an ARM (Adjustable Rate Mortgage) you must be notified prior to any increase. If it is a fixed rate the rate cant change.

NO.. if you have a FIXED rate mortgage, then your principal and interest payment will not change throughout the life of the loan.. if you have an ARM, you will be notified twice each year as your adjustment period approaches.. If you have an FIXED mortgage, but your payment changed, then it's likely due to increase or decrease of property taxes or your home owners insurance premium... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

As the other responders have said, you are supposed to be notified, if you are in an ARM situation -- though I have heard of many who don't botherreading all the notices they get from their loan servicer, so don't think they were notified.If you have any further questions, you should find your loan documents, and then get in contact with a licensed, local loan officer who would be willing to review your documents with you, and explain what might be happening.

On a fixed rate NO on an ARM they are supposed to notify you but in my experience most homeowners have ignored the notice that has been sent out.

No, your lender cannot adjust your mortgage rate prior to notifying you. If you have an adjustable rate, you lender will send you a notification before your rate increase of how much it will be and if you have a fixed rate your interest rate will never change.

No. If you have an ARM, or adjustable rate mortgage, your rate can change at specified times which your should be aware of but you will be notified prior to the change of what that change will be. However, if you have a fixed rate mortgage your rate cannot change through the entire life of the loan.

Your rate can only change according to the terms of your mortgage note They could, do to error or neglect, fail to inform you of the allowed changes..

No. If you have an adjustable rate, then at the time of closing and prior to closing the terms of the loan should have been outlined. it would state how and when your loan can adjust.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Yes and no. If you have a standard fixed rate loan... then no. If you have an adjustable loan, then yes. Your loan would have an adjustment schedule. Typically this is once a year. How the loan can adjust is in your loan documents, but typically it is based on an index (like LIBOR), and a margin, which is fixed. They usually send you a notice telling you what your next rate and payment will be the month before it actually changes.

No.

No!!! Even if you have an Adjustable Rate Mortgage (ARM), they must notify you ahead of time.