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Posted To: Pipeline Press
Rates are still decent, and ARM loans don't immediately jump to mind in this kind of environment for loan agents when a borrower saunters through the door. (In fact, ARM loans have accounted for about 5% of production in recent months.) The Federal Reserve, however, approved an interim rule that will require mortgage lenders to disclose examples of how a mortgage loan's interest rate and monthly payment may change . The Fed has given us plenty of lead time: beginning on October 1, 2011 , banks and lenders must alert borrowers to the risk of payment increases before they agree to take out mortgage loans with variable rates or terms, otherwise known as adjustable-rate mortgages. "They will be required to include a payment summary in the form of a table, including the initial rate, maximum rate...(
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