LOAN PROGRAMS - continued |
5/25 and 7/23 programs |
These loans are fixed for 5 or 7
years, adjust once (with no cap to the adjustment), and are then fixed
for the remaining 25 or 23 years. The pricing on these is similar to
the hybrid ARMs with similar advantages over the fixed. Different lenders
use the notations differently, so inquire as to the specific meaning
of the label: some lenders call a 5/1 a 5/25. |