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FIXED PROGRAMS

30-25 Fixed:

Intermediate ARMS (3,5,7,10) Interest Only:

These are excellent loans depending on how you pay them off. As the name inplies; these are thirty (30) year loans that are fixed for a specific period of time and then convert to an adjustable (usually a 6month or 1 year LIBOR) adjustable after the expiration of the fixed period. The only caveat is that they are interest only for the first ten (10) years. The program may convert to an ARM, but the interest only feature remians for the ten (10) years. Then it beginning the eleventh (11) year, the loan will convert to a fully amortized loan and the payements will adjust accordingly to fully pay the loan in the thirty (30) year period. These are great loans if you pay additional principal every month. Your interest payment will drop as you pay down the principal. If you maintain a regular, level principal payment scheme every month, as your principal drops, so does the interest payment, but the principal paydown portion contnues to go up in an inverse motion. You therefore pay your loan down more quickly. This is a great loan if you pay it right. This is one of the more highly reccomended loans at RDC CO.

 

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