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applied to principal. The formula for an amortization is: (1-v^n)/i, where n = # of years, v = 1/(1+i), and i = interest rate / 100. Divide by (1+i) if at beginning due. Another method of writing this kind of formula is: "The Caps" - In industry colorado equity florida home loan there you could ask for the Caps of a loan, and if your broker or loan officer is intelligent colorado equity florida home loan to read the rate sheets they are quoting from, it is ALWAYS displayed and available. 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 - 3/1/6 - 2/4 - 1/1/5 The first number is colorado equity florida home loan 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 the initial fixed period, typically, the higher the caps are given. “Interest rates on 30-year fixed-rate mortgages remained low, averaging 5.76 colorado equity florida home loan 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 and chief economist. colorado equity florida home loan sharp rise in the cost of home equity lines of credit and the expectation that mortgage interest rates will go higher colorado equity florida home loan 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
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