I have an ARM with a starting rate of 6%, but on my Note it has a floor of 6.99%. The floor is supposed to be 1% lower than my initial rate. What can I do? Is this a bank error?
Contact the lender at once to clarify this apparent contradiction. It could have a profound effect on the cost of your loan. If there was an error (and we think there was), make sure you get the corrected information confirmed by the lender in writing, and save every piece of paper you received in the loan closing and in your follow-up correspondence on the note floor rate.
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Contact the lender at once to clarify this apparent contradiction. It could have a profound effect on the cost of your 