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| LIBOR Index |
| 10.30.04 (1:36 pm) [edit] |
Click here for current rates, info, and lenders for all LIBOR Index loans
Info for the 5/1 LIBOR Index Loan
* Lower interest rates than fixed loan
* Up to 100% LTV
* Lower interest rates helps borrowers qualify for larger loan amounts
* Adjustable-rate program with 30 year amortization
* Conforming loan limits
* Interest rate adjusts once per year after initial 5 year fixed-rate period
These adjustable rate programs have a fixed rate feature for the first 5 years then changes to a 1 year adjustable rate mortgage. These loans are tied to the LIBOR index. The margins on these loans range from 2.50-2.75%. The rate caps are 2% per adjustment and 6% lifetime. Some may have caps of 5% first adjustment, 2% each subsequent adjustment and 5% lifetime. They have interest only payments for 5 years. These loans do not have a pre-payment penalty. These loans require a minimum of 5% down payment.
Click here for current rates, info, and lenders for all LIBOR Index loans
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