Sentences with phrase «remainder of the loan term»

˟Calculated on the full outstanding balance, $ 300,000, across the remainder of the loan term, which would be a 20 year amortization schedule.

˟Calculated on the full outstanding balance, $ 300,000, across the remainder of the loan term, which would be a 20 year amortization schedule.

In some loans, a below - market rate and lower payments apply only for the first few years, but higher rates and payments follow for the remainder of the loan term.

Most ARMs are fixed for the first few years in the introductory period, and then they become variable for the remainder of the loan term.

Note: Typically Bank of America adjustable - rate mortgage (ARM) loans feature an initial fixed interest rate period (typically 5, 7 or 10 years) after which the interest rate becomes adjustable annually for the remainder of the loan term.

Adjustable Rate Mortgages (ARM) have an interest rate that is fixed for an initial period (1, 3, 5, 7 or 10 years) and becomes adjustable annually for the remainder of the loan term.

It then remains at a fixed interest rate for the remainder of the loan term.

For example, a 5/1 ARM has payments fixed for the initial 5 years then recalculated every year thereafter for the remainder of the loan term or until the life cap has been reached.

Not only does your remaining balance drop, but you will not have to pay interest each month on that principal for the remainder of the loan term.

Sometimes they can even be a combination where the rate is fixed for a certain period of time and then converts to an adjustable rate for the remainder of the loan term.

The Associated Press reported that the Obama administration rolled out a new loan modification program Wednesday designed to help up to 9 million borrowers stay in their homes through mortgage refinancing or mortgage loan modification plans to lower mortgage payments each month for the remainder of their loan terms.

After the 5 - year fixed period, the interest rate and payments will fluctuate for the remainder of the loan term.

It then remains at a fixed interest rate for the remainder of the loan term.

The interest is fixed for the first five years and adjusts annually thereafter for the remainder of the loan term.

The interest is fixed for the first seven years and adjusts annually thereafter for the remainder of the loan term.

The Initial Interest Rate and Initial Principal & Interest Pmt are fixed for the first five years and adjusts annually thereafter for the remainder of the loan term.

But if you're refinancing and you want to stay in your house for the remainder of your loan term, getting a 3/1 ARM might not make sense.