Archive for 'ARM's'
What is a hybrid ARM?
The most common ARM products we originate are hybrid ARMs. With a hybrid ARM the interest rate is fixed for an initial period of time before it reaches an adjustable rate period.
3/1, 5/1, 7/1, & 10/1 ARM’s- The most common hybrid ARM’s are the 3/1, 5/1, 7/1, and 10/1 ARM’s. With these loan products a [...]
Posted: June 6th, 2008 under ARM's, For Professionals, General Mortgage Info., Mortgage Programs.
Tags: ARM, fixed period arm, hybrid ARM
Comments: none
How do 7/1 Interest-only ARM’s work?
With a 7/1 interest-only ARM the loan will carry a fixed rate for the initial 7 years of the loan. After that, the interest rate will adjust on an annual basis. For the first 7 years of the loan the borrower may make interest-only payment on the outstanding balance. At the end of 7 years [...]
Posted: June 3rd, 2008 under ARM's, General Mortgage Info., Mortgage Programs.
Tags: 7/1 ARM, interest-only ARM
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What is a Home Equity Line of Credit (HELOC)?
A HELOC is a line of credit much like a credit card that is secured against the equity in a home. These are most often originated after a person has owned a home but can also be originated as a part of a purchase transaction.
HELOCʼs have extremely flexible terms and is an excellent financial tool [...]
Posted: May 19th, 2008 under 2nd Mortgages, ARM's, General Mortgage Info., Mortgage Programs, Personal Finance.
Tags: HELOC, home equity line of credit
Comments: none