arm: Fixed vs. ARM Mortgages - 02/11/11 08:33 AM
Having your own home makes life a lot easier. But not many people can have so much of cash to pay for a house. So they may have to borrow money from banks or lenders. A large portion of the value of a house or property is financed by these lenders, which is called mortgage loan, the amount of which has to be repaid with interest over a predetermined period of time.
There are different types of mortgages, most common of which is the fixed rate mortgage, adjusted rate mortgage and the balloon mortgage. There are benefits and disadvantages in any … (0 comments)

arm: Qualification for ARMs - 02/11/11 07:34 AM
For conventional ARM products, you need to know how a borrower will be qualified. If the ARM product is for a 3 or 5 yr ARM, they will be qualified at; the Note plus 2% or the fully indexed rate plus the margin, whichever one is higher. If the ARM product is for a 7ry ARM, the borrower will be qualified at the Note rate. 
On a 5 yr ARM, if the Note rate is 3.5%, for 200k loan, the actual payment will be; $898.09. The borrower will be qualified at, $1135.58, an almost $240 increase for underwriting purposes. ARMs can … (0 comments)

 
Alex Echeandia (Primex Mortgage)

Alex Echeandia

Rockville, MD

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