I have $180,000 left in an 5/1 ARM loan that I'm about 12 years into. The adjusted rates have been pretty low so far but I juts got a notice from Wells Fargo that they're raising it in Oct from 3.25% to 4.00%.
I'm incredibly annoyed by because they are lowering my monthly payment total but significantly increasing my interest:principal ratio. I can't help but feel like they've noticed that I've been accelerating my additional principal payments (I've paid down over $30k since Dec 2016) and are now adjusting it to increase their interest payments.
My parents have agreed to help me out because they have $180k laying around in cash. I'm interested in setting up an intrafamily loan - 9 years at an AFR of 1.93%, but want to do it "legitimately" on some website so that we can track payments and also generate tax forms at the end of the year. I would also like to be able to make additional principal payments and have the website recalculate the amortization schedule on the fly. I figure it also serves as a form of documentation protection in case IRS asks.
Can anyone recommend a good website that does this for a reasonable fee? I found National Family Mortgage but they seem to be temporarily closed to new loans because of overwhelming volume.
Any other recommendations or suggestions?
Submitted August 20, 2017 at 05:21PM by flux8 http://ift.tt/2x4eEvS
