I asked my lender to modify my loan by fixing my introductory rate on my adjustable mortgage.?

I was told that this would have a negative affect on my credit report and my score. Is this true? How would this effect my credit history?
I am current on my payments but am worried that I will not be able to afford my home when the rate resets. I am currently at 5.6% and cannot refinance because I owe more than my appraised value.

I’m a CPA but am not entirely sure how the mortgage brokering process works. I’ve received some sketchy information in the past indicating to me that the higher the rate is, the more of a commission the bank pays to the broker for bringing them the loan. I believe the exact terms are when the rate is above the bank “par rate”. Now I’ve heard that if the broker brings the bank an adjustable rate loan that the broker receives and even higher Commission. Is this true?

Craig R. Fechter, CPA

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