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How do I tell if I have a fixed or adjustable rate mortgage?

There are several ways to tell if you have a fixed or adjustable rate mortgage.

1. Call your servicer.

Your servicer is the company that you send your mortgage payments to each month. Their phone number may be listed on your monthly mortgage statement or payment coupons.

2. Check the disclosures that you received when you got your loan

If you applied for your mortgage after October 3, 2015:

Look at your Closing Disclosure. The type of interest rate is listed at the top of page 1. See a sample Closing Disclosure.

If you applied for your mortgage before October 3, 2015, or if you have a reverse mortgage, HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs:

Look at your Truth in Lending Disclosure statement. Look for language along these lines: “Your loan contains a variable-rate feature. Disclosures about the variable-rate feature have been provided to you earlier.” If similar language is on the disclosure, you have an adjustable rate mortgage.

3. Check the papers that you signed at closing

Look at the paper that says “Promissory Note” or “Note.”

If you have an adjustable rate mortgage, your note may have the words “Adjustable Rate Note” and may include language similar to: “The interest rate I will pay will change in accordance with Section __ of this Note.”

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