Archive for 'Fixed Rate'
Elimination of interest-only fixed rate loans
In another sign of the times Wells Fargo announced today that they were eliminating their 30 year fixed mortgage with interest-only payments for the first 10 years.
Because Wells Fargo is a bellwether in our industry other lenders are expected to follow suit.
Posted: October 30th, 2008 under Credit Crisis, Fixed Rate.
Tags: credit tightening, elimination of programs, interest-only, Wells Fargo
Comments: none
WSJ.com article points out importance of 30 yr mortgage & liquidity
I originate very few 15 year mortgages. The reason? I believe that cash is king. Given that mortgage rates are at historical low levels I would rather see my clients take out a 30 year amortizing mortgage and invest the difference instead of potentially creating a cash-trap with a 15 year loan. Here’s an article [...]
Posted: April 12th, 2008 under Debt, Fixed Rate, General Mortgage Info., Mortgage Programs, Personal Finance.
Tags: 30 yr mortgage, liquidity
Comments: none
Curious about the 30 year fixed with interest-only payment program?
This loan program carries a 30 year fixed interest rate with a 10-year interest-only payment period. With this program your interest rate remains fixed for the entire 30 year term of the loan. What makes it different from a standard 30 year fixed rate mortgage program is that for the initial 10 years the lender [...]
Posted: April 1st, 2008 under Fixed Rate, General Mortgage Info., Mortgage Programs.
Tags: 30 yr fix, interest-only
Comments: 1