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rate sheets they are quoting from, it is ALWAYS displayed and colorado mortgage banker This is basic stuff, the ABC's of mortgage lending, if you're working with someone that can't or won't explain this to you, go elsewhere. What's better? - The lower these numbers are, the better for you, especially, the first number. Examples: 2/2/5 - 5/2/5 - 2/1/6 colorado mortgage banker 3/1/6 - 2/4 - 1/1/5 The first number is the initial change cap, the second is the periodic cap, the last is the life cap. When only two values are given, this always means the initial change cap and periodic cap are the same. The longer colorado mortgage banker initial fixed period, typically, the higher the caps are given. “Interest rates on 30-year fixed-rate mortgages remained low, averaging 5.76 percent, in the third quarter while the prime rate, key to home equity lending and lines of credit, rose to 6.75 percent,” said Frank Nothaft, Freddie Mac vice president colorado mortgage banker chief economist. “The sharp rise in the cost of home equity lines of credit and the expectation that mortgage interest rates will go higher colorado mortgage banker the next year induced homeowners to look towards the refinancing option to extract home equity for home improvements or other investment purposes now.” “We are forecasting that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of $204 billion in 2005, up from the $142 billion converted to cash in 2004,” noted Nothaft. Freddie Mac expects home sales to hit a new record again in 2005 as low fixed colorado mortgage banker rates combined with teaser discounts on adjustable-rate mortgages maintain affordability, even as home prices rise. The federal government of the United States created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages colorado mortgage banker by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them and sells them as mortgage-backed securities to investors colorado mortgage banker the open market. This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases.