Question by Brandon S: Is there any way that a fixed-rate mortgage’s interest rate could be raised?
I know the term “fixed-rate” means that the interest rate could not be raised theoretically, but are there clauses in the fine print that allow the rate to be raised or lowered under certain or special circumstances? Like, say you were to refinance your home mortgage into a fixed-rate scenario. Could something arise to where your interest rate could go up? Just curious is all.
Answer by grizzlbc
send in a late payment and see how that works out for you.
Add your own answer in the comments!
No… it can’t change. Its Act 614.4 in the mortgage reform act of 1987. It cant be changed! (I said it First!)
i prefer variable my self
just hammer the repayments when the interest rates are low interest rates are so unpredictable at the moment. i know people who locked them in at 10% an still paying it
NO Under no circumstances will the interest rate be raised