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Financing Your Home >Mortgage Terms
New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.
Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.
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| Q |
Where is the world's largest dome?
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| A |
The Louisiana Superdome, with a diameter of 680 feet, is located in New Orleans, Louisiana. |
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Art Hudson
Century 21 Mountain Lifestyles
640 Greenville Hwy
Hendersonville, NC 28792
Direct: 828-606-1671
Fax: 828-693-7297
Office: 828-692-8275
Art.Hudson@centuyr21.com
FaceBook: Art Hudson
Member of the "Master Sales Society" and a graduate of the "Master Sales Academy" in Chicago Illinois January 2009. I subscribe to the following:
1. Live by the "Get By Giving" philosophy
2. Make my client's goal my #1 goal
3. Live up to my standards, despite temptations to lower them
4. Be willing to work toward the common good
5. Do what I say I will do, sometimes more,just never less.   
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