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ARM Notice – No Rate Change

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  • July 2, 2012 at 7:43 pm EDT #2383
    Evelyn
    Participant

    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.

    July 3, 2012 at 9:12 pm EDT #2949
    JGo9
    Participant

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

    July 10, 2012 at 2:36 pm EDT #2941
    Anonymous
    Inactive

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

    August 7, 2012 at 1:04 pm EDT #2745
    jholzknecht
    Keymaster

    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.

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