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| First Mortgage - 1 Year Adjustable Rate Mortgage |
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| A conventional adjustable rate loan. The interest rate and payment may adjust annually based on the 1-Year Treasury Bill. |
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30-year term |
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Minimum loan amount $25,000; |
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Point options include 0, 1% and 2% |
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Initial interest rate is usually lower than a fixed rate mortgage |
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Security of a 2% annual cap and a 6% lifetime cap |
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No prepayment penalties |
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Refinancing available |
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| First Mortgage - 3/1, 5/1, 7/1 and 10/1 Adjustable Rate Mortgage |
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| A conventional adjustable rate loan. The interest rate and payment are fixed for the first 3, 5 ,7 or 10 years adjusting annually thereafter for the remaining term. If you plan to sell or refinance your home within 3 to 10 years, this could be the ideal mortgage for you. |
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30-year term |
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Minimum loan amount $25,000; maximum loan amount varies |
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Point options include 0, 1% and 2% |
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Initial interest rate is usually lower than a fixed rate mortgage |
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Security of a 2% annual cap and a 6% lifetime cap |
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No prepayment penalties |
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Refinancing available |
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