| beginning due. Another method of writing this kind of formula is: "The Caps" - In industry slang, there you could ask for the Caps of a loan, and if your broker or loan officer is intelligent enough home base lending 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? home base lending The lower these numbers are, the better for you, especially, the first number. Examples: home base lending - 5/2/5 - 2/1/6 - 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 the initial fixed period, typically, the higher home base lending 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 and chief economist. “The sharp rise in the home base lending of home equity lines of credit and the expectation that mortgage interest rates will go higher over the home base lending 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 |
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