Did the illegals and there millions of fake loan documents collapse our mortgage market?
Its now obvious the greedy banks loaned money to the hordes of crimminal illegals now skipping of to mexico with re financed money. Thanks guys!
I bought my first home two years ago. I recently received a letter from my mortgage company stating that I had an ARM mortgage and my interest rate would be changing in a few months. So I decided to get out my paperwork from the loan officer and see what exactly they were talking about. I did a little research and I think that my margin (which is 4.0) will be added to the Libor Index rate and that will be my new rate. Is this right?
The other thing I wasnt sure about is what do the following mean?
Index: 5.2 and Caps: 2/2/6
Thanks for any help you can give. I am completely lost.
Thank you for all of this information! I am beginning to see that my great homebuying skills are actually someone else great moneymaking skills. To answer the questions below…I live in Texas and my interest rate started at 8.75. I know…. downhill from here.
And the loan documents state 6 month Libor.