So what are some of the terms and conditions?
Start rate of 1.00% is fixed for the first 30 days. Fixed payment option is available for the first 12 months. Terms of the payment are based on a margin of 2.10% plus the 1 month MTA Index (2.022% as of February 16, 2005). APR of 4.27% and payment of $643.28 per month is based on a 30-year term, $200,000 loan amount at 1.00%, and may change if the index adjusts after the first 30 days. If minimum payment option is selected, deferred interest may accrue. Interest rate quoted assumes a credit score of 620+ with a loan-to-value (LTV) of 80% on a primary residence. The APR and payment will vary based on the specific terms of the loan selected and verification of information and credit. Rates are subject to change without notice.This exotic home loan the interest rates adjust after a mere 30 days. It is completely absurd. Where is the corporate responsibility? Where is the personal responsibility? If I were a potential buyer, I would refuse to even do business with a company that offers such absurd loans products. The exotic mortgage loan peddlers are being squeezed by rising short term interest rates. Many of these exotic home loan peddling companies deserve to be squeezed into oblivion.
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