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Survey Finds Many 'Clueless'.(homeowners's survey)
New York -- A stunning 34% of homeowners polled by Bankrate.com said they don't know whether their loan is a fixed-rate or adjustable-rate product.
Intriguingly, of those who claimed they did know what kind of loan they had, 0% claimed to have option-ARM loans, despite the popularity of that potentially risky product in recent years. Only 6% of respondents said they had an adjustable-rate mortgage, and 3% said they had an interest-only product, suggesting that only about 9% of borrowers know they have an ARM product. Because the ARM origination share has been much higher than that, likely a good chunk of borrowers who claim not to know what kind of loan they have, in fact, have an ARM.
Among borrowers who did know that they had an adjustable-rate loan, many had no clear idea about what they would do when the loan payment adjusts upward. Among respondents, 36% said they plan to refinance into a fixed-rate loan. But 34% said they don't know what they'll do, while 24% of respondents said they don't plan to have the loan when it readjusts.
One thing many borrowers do know is that their payments are a stretch financially. Twenty-eight percent ...
- Floating on the Tide of Rising Rates : With interest rates finally set to move...
- Magazine article from: Financial Planning Twibell, David July 1, 2004 700+ words
Everyone knows that the past four years have been...may have an answer in floating-rate loan funds. "Floating-rate loan funds have a higher yield than...bond investments to floating-rate loan funds just over a year ago in anticipation...
- Declining Rate Loan Keeps Customers in City Line's Portfolio.
- Magazine article from: National Mortgage News September 27, 1999 700+ words
...delinquencies with a "declining rate loan program." In the process...business. The declining rate loan program, commonly called...customers. And the declining rate loan program inoculates City...because all of our borrowers know about the program going...
- Washington Mutual Enhances Home Equity Line of Credit Product to Provide...
- Press release article from: Business Wire May 16, 2006 700+ words
...credit with the stability of a fixed-rate loan. To our knowledge it is the most flexible...variable line or convert to another fixed-rate loan option at current rates. New enhancement...Borrowers may exercise up to two fixed-rate loan options on their WaMu Equity Plus(TM...
- Nationwide reduces fixed rate loan.(News)
- Newspaper article from: Liverpool Echo (Liverpool, England) July 13, 2005 700+ words
...Nationwide Building Society has reduced its two-year fixed rate loan to 4.39% from 4.49%, while its three- and five-year...bigger, falling by 0.3% to 4.69for a two-year fixed rate loan, while three and five-year deals are 4.89% and 4.99...
- 3: A variable-rate loan-prepayment model for Australian mortgages.(Report)
- Magazine article from: Australian Journal of Management Daniel, John December 1, 2008 700+ words
...backed security data. The model has origins in the variable-rate loan-prepayment models of the U.S., but is designed and developed...research has been restricted (by researcher choice) to fixed-rate loan prepayment, following the United States (U.S.) fixed...
- Merrill Says Blended-Rate Loan Fills a Middle Gap.(Merrill Lynch Credit Corp)
- Magazine article from: American Banker Shenn, Jody June 2, 2004 700+ words
...over their cash flow, Mr. Washington said. The blended-rate loan meets that need in a new way, he said, by letting clients...General Electric Co.'s mortgage unit introduced a blended-rate loan that Fannie Mae would buy. But because of a subsequent rate...
- Merrill Lynch Offers 'Blended Rate' Loan.
- Magazine article from: National Mortgage News May 31, 2004 700+ words
...advantages of a low-rate ARM with the lower risk of fixed-rate loan options. "The flexibility of the blended-rate mortgage...penalty. Client precautions include selecting a blended-rate loan term that is equal to or longer that the time they plan to...
- NATIONSBANK ANNOUNCES SPECIAL, BELOW-MARKET-RATE LOAN PROGRAM TO HELP REBUILD...
- Press release article from: PR Newswire August 27, 1992 700+ words
NATIONSBANK ANNOUNCES SPECIAL, BELOW-MARKET-RATE LOAN PROGRAM TO HELP REBUILD FLORIDA AFTER HURRICANE ANDREW...NYSE: NB) has announced a special, below-market-rate loan program designed to help rebuild South Florida in the aftermath...
