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Written by Tamara Schmitt
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Wednesday, 02 November 2005 |
(3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages. A hybrid loan starts out with an interest rate that is fixed for a period of years (usually 3, 5, 7 or 10).
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Last Updated ( Wednesday, 23 August 2006 )
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Graduated Payment Mortgage |
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Written by Tamara Schmitt
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Wednesday, 02 November 2005 |
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Graduated Payment Mortgage is a loan where the payment graduates (increases) annually for a predetermined period (e.g. five or ten years), and then becomes fixed for the duration of the loan. During times of high interest rate, borrowers use them as leverage to be able to more readily qualify (because the initial payment is less). But the downside is that even though the initial payment is less, the interest owed is not - and the payment shortfall in the early years is added back onto the loan, which can result in negative amortization. |
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Last Updated ( Wednesday, 23 August 2006 )
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Jumbo Mortgage Loan Programs |
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Written by Tamara Schmitt
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Tuesday, 03 January 2006 |
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A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($359,650 as of 1/5/2005). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate (to enhance their value and marketability to investors). |
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Last Updated ( Wednesday, 23 August 2006 )
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