[Evelyn]

Is an ARM Rate Change Notice necessary if there is no rate change? In other words, the reset rate for the first renewal period is exactly the same as the initial period resulting in no rate change.

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[JGo9]

Is it an ARM loan? Can the rate ever change?

[Anonymous]

I’d still send a notice just to be on the safe side.

[jholzknecht]

For an ARM loan you must send a rate change notice if the rate changes. The timing of the notice depends on whether the payment amount also changes in response to the rate change. If there is no rate change, then no notice is needed.

[Author]

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