Until she heard a radio story about ShoreBank, a community-development bank that was offering rescue loans for homeowners drowning in their
adjustable-rate mortgages. "My rate was about to adjust again," Stallworth says, so she picked up the phone.
FHA modernization would allow FHA to refinance a greater number of subprime
adjustable-rate mortgages into federally insured conventional mortgages with lower interest rates, especially in high-cost areas.
The appeal of an
adjustable-rate mortgage is that a borrower can cut his initial interest rate and initial monthly payments by one to two percentage points depending on the duration of the loan's fixed period.
In that environment, yields on fixed-rate mortgages spiked upward even more forcefully than the yields on
adjustable-rate mortgages, and the initial yield advantage on 1-year ARMs (30-year loans with 1-year adjustment periods) widened out to about 1.5 percentage points.
“All of our fully licensed loan officers are very excited to help responsible borrowers throughout the state of Arkansas find the right fixed-rate or
adjustable-rate mortgages to meet their financing needs."
Licensed in 25 states and the District of Columbia, Total Mortgage offers a variety of products and programs including fixed-rate loans,
adjustable-rate mortgage loans (ARMs), jumbo loans, FHA mortgages and more.
She got a copy of her credit report and then found a lender who offered her an
adjustable-rate mortgage with lower payments during the first five years of the loan.
The situation is different if the homeowner has an
adjustable-rate mortgage; in that case, the prospect of rising rates creates a greater incentive to refinance because it is possible for the rate on the existing mortgage to adjust to some level above the current one.
5-year Treasury-indexed hybrid
adjustable-rate mortgage (ARM) averaged 2.75% this week with an average 0.7 point, down from last week when it averaged 2.78%.
Licensed in 24 states and the District of Columbia, Total Mortgage offers a variety of products and programs including fixed-rate loans,
adjustable-rate mortgage loans (ARMs), jumbo loans, FHA mortgages and more.
The
adjustable-rate mortgage share of activity increased to 6.1 percent from 5.8 percent of total applications from the previous week.
* A $12 million
adjustable-rate mortgage refinance for a retail store on Avenue U in Brooklyn.
Capstead is a real estate investment trust and invest in a leveraged portfolio of residential
adjustable-rate mortgage pass-through securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae.
Licensed in 21 states and the District of Columbia, Total Mortgage offers a variety of products and programs including fixed-rate loans,
adjustable-rate mortgage loans (ARMs), jumbo loans, FHA mortgages and more.
