Notice of Mortgage Payment Change

Chris at Hauseit (https://www.hauseit.com) explains what a Notice of Mortgage Payment Change, often called just a Payment Change Notice, is and what a sample letter from your bank or mortgage lender looks like.

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A Notice of Mortgage Payment Change, or a Payment Change Notice letter from your bank simply means a letter explaining the terms of your mortgage as it relates to the interest rate you'll pay, how it will differ vs your last payment period, and what you can expect in terms of caps or maximum change amounts per payment period.

For example, you can see in the sample Payment Change Notice letter we show you in this video what the interest rate and interest expense is in the prior and upcoming payment period. You can also see the maximum interest rate cap, as well as the maximum change amount in the interest rate per payment period. You can also see that they interest rate changes every 12 months.

You can also see in our sample Payment Change Notice letter that the interest rate is based off of an index plus a margin. The index in this example is 1 Year LIBOR, and the margin is 2.25%. So essentially, when this interest only adjustable rate mortgage (IO ARM) floats, the interest rate is equal to 1 Year LIBOR + 2.25%.

We hope you found this video helpful, please leave us any additional questions or topic ideas below. We hope to work with you!
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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