Hardship Letter: If you have chosen an adjustable mortgage rate in the first place, you may find it reasonable now to get a fixed-rate mortgage considering the discrepancies on the interest rates.
Adjustable rate mortgage may appear very low at some point in time because they are primarily dependent on the different factors that affect the interest rates set by the Federal Reserve. But then again, adjustable rate mortgage can change a maximum of twice a year. So that goes to show that interest rates such as these can change from time to time. So to speak, you can get either a lower or a higher rate depending on the kind of adjustable rate mortgage you have. On the other hand, fixed-rate mortgage can give you lower rates in the end because they don’t change whatever happens in the market. So if you want to convert your loan into a fixed-rate mortgage, you have to refinance your mortgage. Sample Hardship letter
Back to main post: Refinancing a Mortgage
