Do you have a LIBOR ARM? You may need to read this NOW!

[renriq02]

it will be on the note, and you'll see something that says ARM Rider.
If you dont have the papers handy, then you can view it on the county records.

If you got a good starting rate, and it was a 5/1 ARM, then more than likely it was a LIBOR rate.

I would speak to your mortgage lender, and try to refinance before your home value drops.
Then it wont be pretty..

Originally Posted by deb8997

I have a 5 year arm that adjusts in may 2009, my ltv when i refi will be about 75. the only thing im concerned about is when i go to refi that i qualify with a dti about 55 and credit scores for me and my husband 700-750. how would i know if i have a libor? would it be on any of my closing papers?note,mortgage?
thanks
deb

[deb8997]

thanks for the info. my house wont be going down anytime soon. from what i see in sales and comps.. its still pretty good market here. home around me are going for about 325,000.i valued mine pretty low.. 270,000.00 thats without added detached garage going up now. but im not planning on going anywhere anytime soon.