Browse Our Site:
Search Mortgage Library:
Types Of Mortgage Loans Mortgage Lender Directory  +  Mortgage Calculators  +  Mortgage (ARM) Indexes Mortgage Market Survey
+ Find The Best Mortgage + Ask A Mortgage Related Question  +  Articles And Publications  +  Mortgage Glossary + Search Mortgage Rates +
Credit Grade Guide Historical Mortgage Index Data  +  Historical Mortgage Rate Data  +  Home Interest Rate Trends

Mortgage-X Forum

Mortgage-X Forum
Mortgage-X Forum
Search Forums |
You are logged in as a guest. ( logon | register )

3/1 ARM
Moderators: Mortgage-X

Jump to page : 1
Now viewing page 1 [25 messages per page]
   Types of Loan Programs-> Types of Loan Programs ~ General QuestionsMessage format
Posted 3/17/2005 10:57 AM (#111)
Subject: 3/1 ARM
On a 3/1 ARM, what is a 2/2/6 cap? Please respond ASAP!
Posted 3/17/2005 4:44 PM (#112 - in reply to #111)
Subject: RE: 3/1 ARM
I'm throwing a guess out there. Up to 2% increase or decrease at first adjustment, up to 2% per adjustment thereafter not to exceed the 6% Life Cap increase? Or it could be 2% increase/decrease per adjustment after 2 years with a 6% life cap.
Posted 3/17/2005 6:08 PM (#113 - in reply to #112)
Subject: RE: 3/1 ARM
A 3/1 ARM is usually fixed for the for the 3 years. The caps are usually 2% per year. The 1 could be a 1 year arm which adjusts annually not to exceed 2% movement max.
Posted 3/28/2005 5:29 PM (#139 - in reply to #111)
Subject: RE: 3/1 ARM
The caps you listed are as follows. 2% first adjustment cap, 2% adjustment cap in each subsequent adj period, and 6% lifetime cap. The 3 in the loan's title indicates your fixed period, the 1 indicates the number of times it will adjust annually after the initial fixed period. There are different indexes for these ARMs, so research the historical values on them all, and choose an ARM which has had the least dramatic fluctuations in the index which it is based on.
Posted 4/16/2005 7:03 PM (#177 - in reply to #111)
Subject: RE: 3/1 ARM
On a 3/1 ARM, is it a fixed interest + principal for 3 yrs --> adjusts every year after that and is also interest + principal?
Jump to page : 1
Now viewing page 1 [25 messages per page]
Jump to forum :

Running MegaBBS ASP Forum Software v2.0 © PD9 Software

Mortgage professionals are welcome to participate!
Home  |  For Lenders  |  Contact Us  |  Disclaimer
Mortgage-X is an independent information service and is not affiliated with any lending institution.
Copyright 1998-2009
All Rights Reserved

(Delete all cookies set by this site)