AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
E*Trade Offers Consumers a Mortgage That Moves with Them.
A new program introduced by E*Trade Group Inc.'s E*Trade Mortgage will enable consumers to lock-in an interest rate now and transfer it to the next home they purchase, instead of paying off the old loan and applying for a new loan at potentially higher market interest rates.
The company says its "Mortgage on the Move" program will be offered to borrowers nationwide, but only for a limited time. The company wouldn't say how long it would be making the portable mortgages available, but said it would depend to some degree on the market as these products tend to be less desirable when rates go up.
E*Trade said it expects this program to drive overall purchase money product volume for E*Trade Mortgage.
"Industry experts predict that mortgage interest rates will rise significantly in the next several years," said Robert Bernabe, head of retail mortgage lending at E*Trade Financial. "This is the first time this concept will be widely available in the United States, giving consumers the ability to extend the benefit of today's record-low interest rates."
While popular in Canada, the concept of a portable mortgage has yet to catch on here in the U.S.
E*Trade will offer the portable mortgage only to purchase money borrowers on loans between $66,000 and $1 million. When a borrower sells the original property, the note will survive and reattach to the new property. E*Trade will not impose any fees on the transfer, but there will be some costs involved, the company said, such as legal and recording fees.
In the case of a trade-up, where a borrower moves into a more expensive home and needs more money to close the deal, ...
- Interest rates increase affecting economic growth, widening trade deficit.
- News wire article from: PPI - Pakistan Press International August 25, 2006 700+ words
...and result in enhancing trade deficit. The public dialogue...Impact of Increase in Interest Rates" organized by Pakistan...exports and increased trade deficit."High Interest rates are badly affecting trade, industry, value-added...
- G-7 finance ministers discuss interest rates, energy prices, trade imbalances.
- News wire article from: The America's Intelligence Wire December 3, 2005 700+ words
...growing, tackled interest rates, high energy prices, inflation and trade imbalances as they...discussions on trade and the need to...was the level of interest rates. There have been...decision to increase interest rates was a good one...dangers of skewed trade ...
- SogoTrade Couples $3.00 and $1.50 Online Equity Trade Commissions with New...
- Press release article from: Business Wire March 27, 2008 700+ words
...interest rates. The new interest rates, which will range between...of ultra-low margin interest rates and SogoTrade's already...1.50 online equity trade commissions sets SogoTrade...can now add low margin interest rates to its list of account...
- ANALYSIS: Statistical conundrum.(effect of increase in interest rates on...
- Magazine article from: Cabinet Maker March 16, 2007 700+ words
...CBI's Distributive Trades Survey reckoned retailers...February 2006, when trade increased only 0...despite the increases in interest rates. Many furniture retailers...decision to freeze interest rates at 5.25% for the...business `quiet'. `Interest rates will affect ...
- Automotive Trade Policy Council Statement on Bank of Japan's Decision to Raise...
- News wire article from: The America's Intelligence Wire February 21, 2007 700+ words
...released today by the Automotive Trade Policy Council on the Bank of Japan's decision to raise interest rates: "The decision by the Bank of Japan...American jobs resulting from Japan's trade-distorting policy. With Japan...
- Forex, trade and politics: to understand politics, most of the time you just...
- Magazine article from: Futures (Cedar Falls, Iowa) McMahon, Chris September 1, 2007 700+ words
...that productivity; and interest rates, which attach a time value...productivity measures are trade and budget balances. Interest rates are where everything comes...decreasing short-term interest rates. When economies are growing...
- RISING INTEREST RATES CURB AUSTRALIAN RETAIL TRADE IN DECEMBER.
- News wire article from: AsiaPulse News February 5, 2007 700+ words
...CANBERRA, Feb 5 Asia Pulse - High interest rates restrained retail spending during...Bureau of Statistics said retail trade rose by a seasonally adjusted 0...do not expect a further rise in interest rates at this stage. Most sectors of...
- Movable mortgage: E*Trade introduces a portable mortgage for buyers concerned...
- Magazine article from: Builder Rice, Alison September 1, 2003 700+ words
E*TRADE, THE ONLINE BANK, HAS INTRODUCED...today's historically low interest rates and applied to a future home...retail mortgage lending at E*Trade Financial, which is the...mortgage on the move." E*Trade did $2.9 billion in mortgage...
- Bank of England leaves interest rates on hold as U.K. trade gap rockets.
- News wire article from: Evening Standard (London) December 9, 2004 700+ words
...Bank of England today left interest rates on hold for the fourth month...shock blowout in Britain's trade gap. As the Bank's monetary...official data showed the trade in goods deficit widened to...domestic product, Britain's trade gap is almost as big as America...
- Serbian official blames high interest rates for foreign trade deficit.
- News wire article from: Asia Africa Intelligence Wire February 5, 2004 700+ words
...reason for the big foreign trade deficit in the past year...publication, Kovacevic said interest rates for commercial bank credits...will remain in bilateral trade with Southeast European countries, once the free trade zone is established, because...
Source: HighBeam Research, E*Trade Offers Consumers a Mortgage That Moves with Them.