Question
what is better for your adjustable rate mortgage to be based on 6 month libor or 1 year?
i can choose my bank just maid a claim that my loan should have been based on the one year they were basing it on the 6 month i have the docs to support it they ate all the money to reajust it to a 1 year but next month my payment goes up 80 bucks but the loan changes every year instead of 6 months
4 weeks ago - 2 answers
Best Answer
Chosen by Asker
WHY choose an ARM rather than a fixed rate when rates are so low now? You don't have certainty about your payments at all. See if you can do a loan modification to change from ARM to fixed loan!
Source(s)
real estate investor
by chatsplas
4 weeks ago
Asker's Rating: 
Other Answers
From a personal finance point of view, I would prefer the one year adjustment so I could plan for a year in advance and know if I could afford to buy the T.V. or have to wait just in case the mortgage goes up. Personally, I would never take out an adjustable rate mortgage. All that I have seen went up rapidly, but came down slowly.
by ranger_co_1_75- 4 weeks ago