| months and adjusts every six months afterwards. The 2/28 "Hybrid ARM" is a 6 month ARM that the borrower has purchased a "Rate Lock" or introductory rate for comparison equity home loan mortgage second first 2 years (this is also done in 3,5,7 year fixed periods), and then the loan becomes a 6 month ARM thereafter, rather than a loan that does only adjust every 2 years. The benefits This loan product has actually lowered the costs of borrowing in the early years of loans, but certainly is a comparison equity home loan mortgage second of continuing refinance business to the Mortgage industry. They let borrowers take advantage of special pricing, by saving money on payments when the borrower's a) salary is rising such as for young professionals or b) when the borrower knows they are going to move up quickly from one home to another. The risks comparison equity home loan mortgage second a borrower is inconsistent in their on time payment history, afflicted by tragedy which causes a credit problem, or keeps insufficient funds in reserve (the comparison equity home loan mortgage second savings from the lower rate for example), as referenced above, the rates in Hybrid ARMs will certainly rise, and with insufficient credit and income, the borrower may be forced to trade equity for time, and in some markets, not as advantageously as today. Terminology Fully Indexed Rate - The price of the ARM as calculated by adding Index + Margin = Fully Indexed Rate. This is comparison equity home loan mortgage second interest rate your loan would be at without a Start Rate (the introductory special rate for the initial fixed period). This means, your loan would be higher today if it was adjusting, typically, 1-3% higher than the introductory rate. Calculating this is IMPORTANT for ARM buyers, comparison equity home loan mortgage second it helps you predict the future interest rate of your loan. Margin - This refers to the banks profit margin above comparison equity home loan mortgage second value of the financial index. The bank seeks to make a profit above the costs of inflation. The index is a measure of the cost of funds as measured by inflation. Index - A publicly published financial index such as LIBOR (usually 1 month, 6 month or 12 month), 11th District |  |
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