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As we all know, there are no more stated income, or any sub prime loans since [link widoczny dla zalogowanych] the market has crashed. Now lenders are focusing only on full documentation loans. As a result, it is becoming more and more impossible for homeowners to refinance their mortgages because they are either upside down or they won't qualify because they have no income. Now homeowners can only either talk to their mortgage relief fund company to do a mortgage loan [link widoczny dla zalogowanych] make sure that they have a firm understanding of the loans' margin, [link widoczny dla zalogowanych] its associated index, the adjustable intervals, and the caps for the adjustments. Consumers should also be aware that the first adjustment may be potentially larger than that of future adjustments. For example: A loan officer quotes a 3/1 LIBOR ARM with a start rate of 4.000% and a 2.25% margin and a initial rate cap of 3% and then annual rate caps of 2% for every year thereafter.
In this scenario the intro rate would be set at 4.000% for the first three years of the loan. On the 37th month, [link widoczny dla zalogowanych] the loan would adjust by adding the loan's margin (2.250%) to the current index rate (say 1.250%). The result would be the "fully indexed rate" of 3.500%. [link widoczny dla zalogowanych] In this scenario a person would actually see their rate decrease on the initial adjustment. Depending upon the current index rate, the loan may be limited in its first adjustment by the 3% cap limit.
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