Everhome Mortgage Raised rate higher than current rates Jacksonville, Florida

Eventhough you see a current rate of 6.25 %, it doesn't mean that your adjustable rate will adjust to the current rate. Like the previous guy said, read your paperwork and it will show a range of percentage points that your adjustable mortgage can move (up OR down). There also should be a ceiling rate, like it can "never go over 8% points above".

And, yes, in order to finance it to another rate, you would have to pay closing costs again. This is how it works.

I wish people would learn a little bit about their mortgage before signing their paperwork. I feel like we wouldn't have all of this "mortgage crisis" nonsense!

Your original loan paperwork probably stated it would be raised 3 points at the first adjustment. So they do not have to lower it, and will not lower it, unless you refinance. This is nothing new. The other mortgage companies do it the same way.