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Our fast, simple, secure form matches you and your loan needs with different lenders... More
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Calculate the monthly payment for a particular mortgage loan... More
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Learn what rates are offered for different programs... More
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Mortgage industry glossary of terms will help you understand mortgage terminology... Open
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To assist you in your mortgage process, we have provided a mortgage application for you to download and print... More
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LowestRatesLending is an independent mortgage banker who can place mortgages from a variety of lending sources. We pride ourselves on our honest, personal and professional service where we confirm all the
costs and fees upfront... More
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Consumers like the COFI/MTA because they do not
move up or down as rapidly as market interest rates - such as the prime rate,
the discount rate, or Treasury bill rates. |
The 12-Month Treasury Average Index (12-MTA) is based on average annual
yields on U.S. Treasury Securities adjusted to a constant maturity of
one year, as made available by the Federal Reserve. The 12-month average
is determined by adding together the annual yields for the most recently
available 12 months and divided by 12.
The 11th District Cost of Funds Index (COFI) is based on the interest paid on savings
deposits and other borrowings by the savings institutions in the Federal Home Loan Bank's
11th District. COFI reflects the rates these institutions have paid in order to obtain
funds to lend.
The 12-MTA and COFI indices do not move up or down as rapidly as market interest rates.
Historically, 12-MTA and COFI based loans exhibited sharp rate increases.
That means you can enjoy the stability of your 12-MTA or COFI ARM, compared to other
interest indices that generally drop or rise more rapidly.
A mortgage that puts you in control of your monthly payments. Each month, an easy-to-read
loan statement lets you choose the payment amount that best suits your financial situation.
Pay the minimum amount to free up funds for other uses, or make larger payments for faster
equity build-up. It's ideal if your income fluxgates or steadily increases over the years.
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