Tag: interest-only
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
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