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Can you sue your mortgage company for not closing your loans because interest rates go up?
Wiki User
∙ 13y ago
Highly unlikely!
Look at your contract and you will see a variable rate mortgage is structured to do exactly that... vary.
If the mortgage company "closed" your loans you would be without a mortgage and therefore without a house, unless you paid off the loans.
Unless your contract for some reason stipulates that your loans terminate when interest rates go up, which would be very weird, you simply must pay a higher interest rate or default on your loans. In which case the lender would take your house.
That's why a variable rate mortgage is a very dangerous way to buy a house.
The best thing to do, if you can, is refinance into a fixed rate mortgage while current rates are low.
Wiki User
∙ 13y ago
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Where can one receive low closing cost mortgage?
Low closing cost mortgages can be found at most banks and financial institutions. One form of no closing cost mortgage is when the mortgage company waives the fees, though this is rare. Another type is when the mortgage company give you no closing costs but the interest rate you pay is increased. For example the standard rate could be 4% with closing costs or 4.25% without.
Can an insurance agency have financial interest in mortgage company?
Usually yes because an insurance agency does not issue the insurance, it sells or brokers an insurance contract that is issued by an insurance. However some insurances do not like it when there is a controlling interest in a mortgage company. It all depends.
How can one obtain a no interest mortgage loan?
You may be able to obtain a no interest mortgage loan by visiting the Federal Housing Finance Agency website. The FHFA have been thinking about offering no interest only mortgage plans, which currently no company does.
What is the average interest for lowest refinance mortgage rate?
The average interest for the lowest refinancing mortgage rate depends on the company and how long one has been paying the loan and the value of what is left. An example is one to four percent interest rate.
Can a life tenant take out a mortgage?
If they can find a mortgage company that is willing to take the risk. Because the tenancy is for the life of the holder, once they die, there is no recourse. Any interest rate would be extremely high as there is a great deal of risk.
Where can one receive low closing cost mortgage?
Low closing cost mortgages can be found at most banks and financial institutions. One form of no closing cost mortgage is when the mortgage company waives the fees, though this is rare. Another type is when the mortgage company give you no closing costs but the interest rate you pay is increased. For example the standard rate could be 4% with closing costs or 4.25% without.
What charges can you claim when filing your taxes on a new home?
Very few. If any of your mortgage costs are deductible as pre paid interest, (which hey generally aren't), they will be reflected as such on the interest statement the mortgage company provides. Closing fees etc are NOT expensable.
Can an insurance agency have financial interest in mortgage company?
Usually yes because an insurance agency does not issue the insurance, it sells or brokers an insurance contract that is issued by an insurance. However some insurances do not like it when there is a controlling interest in a mortgage company. It all depends.
How can you ask for copies of your Mortgage interest statements for previous years?
Yes, contact your mortgage company.
How can one obtain a no interest mortgage loan?
You may be able to obtain a no interest mortgage loan by visiting the Federal Housing Finance Agency website. The FHFA have been thinking about offering no interest only mortgage plans, which currently no company does.
Do you pay sales tax when buying a home?
When you purchased your home you probably paid settlement or closing costs in addition to the contract price. You can deduct home mortgage interest, points, and certain real estate tax on your tax return. Review your paperwork from your title insurance company and mortgage company which will show any real estate taxes paid. To answer your question, NO.
How can you get a copy of my 2009 mortgage interest statement?
Call your mortgage company and ask them for the 1098 Form, which should have been sent to your address back in January/February. The 1098 Form will have this information for you to claim the mortgage interest tax deduction with the IRS.
Where can I refinance in California?
You can go to any bank or mortgage company. However, I would ask about their interest rates also, you want to make sure it is a fixed rate not a a balloon because then your interest rate can fluctuate.
What can homeowners deduct on their taxes?
If you file a Schedule A and Form 1040 return you can deduct your Mortgage Interest, Property Taxes, and Mortgage PMI on your 1098 form from the bank or mortgage company.
What is the average interest for lowest refinance mortgage rate?
The average interest for the lowest refinancing mortgage rate depends on the company and how long one has been paying the loan and the value of what is left. An example is one to four percent interest rate.
What is the purpose of shore mortgage?
Shore Mortgage, founded in 1986, is a FHA home loan finance/refinance company based out of Michigan. It specializes in closing within 14 days of processing.
Why might someone require the services provided by a mortgage company?
You may be trying to get your first mortgage on your first home, or you may be looking to refinance your existing mortgage at a better interest rate.
