“…potential homebuyers might consider the unconventional; a 30-year loan with an adjustable rate that can only go down.”
With mortgage rates now topping 8%, potential homebuyers might consider the unconventional; a 30-year loan with an adjustable rate that can only go down. Two lenders, www.arcloan.com and, in Western states, www.citylinemortgage.com, will notify you when prevailing rates drop as little as a quarter to half a point and will automatically refinance your mortgage. Sticking with the same company means you pay no hefty closing costs. You shell out for the new title at City Line and pay zip at ArcLoan. To qualify, you need to make timely mortgage payments. Julie Rawe, 1999 Time Magazine, Cut-Rate Mortgage