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Casual Articles - Adjustable Rate Mortgages - How Do They Adjust?
There are generally two types of investors- those who attempt to time the market, predict stock prices, and make money quickly; and those who build long-term, diversified portfolios based on solid companies. There are many advantages of long term investing of which short term investors will miss.One of the biggest advantages of long term investing is that while you may not be able to predict the market accurately in the short term, in the long term it is much easier. The history of the market, while allowing for short term dips and corrections, has historically gone up over time. By investing and holding on to stocks for longer periods of time, the chances of having growth is much greater.Another advantage of long term investing when compared to short term, is cost. Each time an investor buys or sells a stock, there is a cost involved with regard to commissions and transaction fees. Long term investors, by definition, make fewer trades, and therefore incur fewer costs. Short term investors can easily rack up large trade costs when making frequent
Recent studies have shown that most homeowners either refinance or sell their home within 5 to 7 years. Therefore, most buyers who opt for a 7-year ARM will never even experience adjustable-rate payments.
Most ARMs also have yearly caps of usually 1 or 2. This means that the loan cannot go up any higher than 1 to 2 points in any 12 month period. If it started at 5.00%, even if the index + margin adjustment calls for it to go to 8.00% and the yearly cap is 2, it can go no higher than the 2 to 7.00% that year.
Most of these loans can also be done as interest-only for a fixed period of time. Choosing interest-only options does not change the way the ARM adjusts. Sometimes the interest-only period will even exceed the fixed period. Example: Some 5 YR ARMs allow for the interest-only option for the first 10 years.
Be very careful. Your payment will increase substantially when the interest-only period is over. If your rate has increased substantially because of adjustments you may now be in a house that you simply cannot afford. This is a topic for another time.
Before you choose the ARM that is right for you, first determine how long you want your loan to be fixed for, next find out what indexes your lender has that loan available in and then find out what the margin is on each. Just because the COFI is at 2.00 today and the LIBOR is at 3.00 does not necessarily mean that the COFI it is better for you. The margin may be higher on the COFI-based ARM
There is an adage ‘to err is human.’ Human beings are bound to make mistakes. Nobody is perfect and we often incur mistakes in our lives. Most of the time mistakes happen unknowingly. But the most important thing is that we should not repeat our mistakes and we need to learn from what we have done in the past.This also holds good in the loan market. It may so happen that you have missed your monthly repayments for a loan that you would have taken long back. But now it has become a hindrance for you in seeking another loan. You need to get out of the trap of bad credit. Your bad credit history can be County Court judgements, arrears, defaults, bankruptcy etc.Bad credit loans are the loan option which helps you in this regard. It not only helps you in meeting your financial requirements, but also helps in improving your credit history.You may take bad credit loans according to your personal circumstances. If you are a homeowner in the UK then you can very easily seek a secured bad credit loan. With this loan type, you may get a lower Annual
However, adjustable rate mortgages (ARM) completely dominated fixed-rate mortgages (FRM) in the past few years. More and more people chose ARMs because they are generally 1-2 points lower than a FRM. This allowed them to qualify to buy a more expensive house.
Today, many of those loans are adjusting. In fact, more than ever.
I have discussed the pros and cons of an ARM before so I will avoid that here. However, the people, who choose ARMs are all asking me the same question....how does it adjust?
Let’s get down to the basics of the adjustable rate mortgage (ARM). Most ARM’s are now classified as “hybrid mortgages.” A hybrid mortgage combines the features of both fixed-rate and adjustable-rate mortgages.
It starts out with an interest rate that is fixed for a period of years (usually 2, 3, 5, 7 or 10 years). At the end of this period of years, the loan converts to an ARM. At that point it adjusts and then will do so every six months or once per year depending on the program you choose.
It does this for 30 years. ARMs are still 30-year loans. The rate is just not FIXED for 30 years. It is adjustable.
I am amazed at how many clients aren't aware of this and even more surprised at the amount of professionals in our business who do not know this.
I have heard many agents recommending ARMs to their clients tell them they MUST refinance at the end of 3 years on a 3 YR ARM. Although, this may not be a bad idea depending on market conditions at the time, this is NOT required.
A reminder....almost always, the shorter the term of the mortgage, the lower the rate. As a result, a mortgage fixed for 10 years has a lower rate than one fixed for 30, a 7 year fixed rate is lower than one fixed for 10, a 5 year fixed rate is lower than one for 7, a 3 year fixed rate is lower than one for 5, and so on.
Why is this? The shorter the term of your loan, the less risk it is to the lending bank.
Example: If the bank loans you money today, in 2005, at a fixed rate for the next 30 years at 5.875% and interest rates shoot to 8.000% five years from now, in 2010, they are stuck with your loan at 5.875%. Obviously this is not the best investment on their money in 2010. They made a commitment to you in 2005 and in 2010 it now is killing them. However, if you give them the ability to "correct" this or "adjust" this at some point, they can try and catch up to the market conditions at the time of the adjustment. This is beneficial to them so they reward you for lessening this risk by offering you a lower rate to allow them this flexibility at a later date.
OK, so on March 1, 2005, you sign your loan docs where you have elected to go with the 5 YR ARM at 5.25% vs. the 30 YR FIXED rate of 5.875%. The ARM you have chosen will adjust once yearly.
For the first five years your rate is going to be FIXED at 5.25%. Your rate can go no higher and can go no lower. For these 60 months, your payment will NOT change.
On March 1, 2010, your 5 YR ARM is going to adjust. It is going to adjust on this day and every March 1 thereafter for the next 25 years. Your rate is no longer guaranteed at 5.25%. It is now based on the INDEX plus the MARGIN.
What are the index and margin?
This is where LIBOR, COFI, CODI, CMT, and MTA come in. These are the most popular of the indexes.
LIBOR - London InterBank Offering Rate is the average lending rates from a number of major banks based in London, England. It is commonly used as an international interest rate index. LIBOR is influenced by changes in both the Bank of England's official rate and the targeted fed funds rate.
COFI - Cost of Funds Index is a very stable index that is based on the average cost of deposits and borrowings for savings institutions in the Federal Home Loan Bank's 11th district (which consists of California, Arizona, and Nevada). Tends to lag behind changes in market interest rates.
CODI - Similar to COFI but it is based on Certificate of Deposits. Since it is based solely on deposits it responds more rapidly to changes in market interest rates than a COFI.
CMT - Constant Maturity Treasury Index is the weekly average yield on the United States Treasury securities adjusted to a constant maturity of 1 year. Since this index is a monthly average of the one-year CMT yield, it is less volatile than daily interest rate movements but more volatile than other indexes such as the COFI.
MTA - This is based on the same securities as the CMT but it is based on annual yields rather than weekly yields. As a moving average going back over the past year, it is more stable than an index base solely on current values.
Are you completely lost yet? It can be very confusing.
You have probably heard of the LIBOR. The LIBOR has become the Index of Choice in the last few years because it is comparatively low and has been pretty stable. It is also tied to the major banks of London, which means it is not directly tied to the U.S. economy. I would estimate that 70-80% of ARMs today use the LIBOR index.
OK, so it’s March 1, 2010, you had a 5 YR LIBOR ARM, and you know it is going to adjust to whatever the LIBOR index is on that day. Let's say the LIBOR index is at 3.10 on March 1, 2010. You now need to add in the margin. Let's say your margin is 2.25%.
The margin is what lenders add to the index rate to determine your new rate. The amount of the margin can differ from one lender to another and from program to program, but it is usually constant over the life of the loan. If your margin is 2.25% in the loan you signed on for on March 1, 2005, it will likely stay there for the next 30 years.
On March 1, 2010 you add the LIBOR index as it is on that day in 2010 of 3.10 and you add that to your margin, that will remain consistent, of 2.25% and your new rate on that date will be 5.35%.
On March 1, 2011, you will do this again. On March 1, 2012, you will do this again. This will happen every March 1 of every year until the 30 year loan is complete.
Most ARMs have a life cap. The rate cannot go over a certain cap over the life of the 30 tear loan. This cap is usually of 5 or 6 points ABOVE the start rate. If you started with a 3 YR ARM at 5.000% and the cap is 6, the bank can raise the rate no higher than to 11.000% over the life of the loan if necessary market conditions call for it. Even if rates were at 13.000%, your loan can go no higher than 11.000%.
Recent studies have shown that most homeowners either refinance or sell their home within 5 to 7 years. Therefore, most buyers who opt for a 7-year ARM will never even experience adjustable-rate payments.
Most ARMs also have yearly caps of usually 1 or 2. This means that the loan cannot go up any higher than 1 to 2 points in any 12 month period. If it started at 5.00%, even if the index + margin adjustment calls for it to go to 8.00% and the yearly cap is 2, it can go no higher than the 2 to 7.00% that year.
Most of these loans can also be done as interest-only for a fixed period of time. Choosing interest-only options does not change the way the ARM adjusts. Sometimes the interest-only period will even exceed the fixed period. Example: Some 5 YR ARMs allow for the interest-only option for the first 10 years.
Be very careful. Your payment will increase substantially when the interest-only period is over. If your rate has increased substantially because of adjustments you may now be in a house that you simply cannot afford. This is a topic for another time.
Before you choose the ARM that is right for you, first determine how long you want your loan to be fixed for, next find out what indexes your lender has that loan available in and then find out what the margin is on each. Just because the COFI is at 2.00 today and the LIBOR is at 3.00 does not necessarily mean that the COFI it is better for you. The margin may be higher on the COFI-based ARM a
Enron Executive goes to prison for 10 years, Martha Stewart is under house arrest, and Bill Clinton averages $150,000 per speaking engagement.It all comes down to decisions on the fly, no pun intended.What you may not even think is an important decision at the time, could bring down your company or your employers, in less time than it takes to say to the massage parlor attendant, “Do you take Amex?”Does it seem like the world has gone to hell in a hand basket overnight?With CEO’s signing off on corporate governance, government intervention, consumer watchdog groups, senior lobbyists, and teenagers with 24-hour Internet connections, you would think that we would be free of Corporate Disease by now.Wrong!As long as there are decisions to be made by human beings, there will always be a select few that aren’t even aware they are carriers of a communicable corporate disease.All it takes these days is one trip to the doctor, slash forensic accountant, and you have a full-scale investigation on your hands.So what is th
A reminder....almost always, the shorter the term of the mortgage, the lower the rate. As a result, a mortgage fixed for 10 years has a lower rate than one fixed for 30, a 7 year fixed rate is lower than one fixed for 10, a 5 year fixed rate is lower than one for 7, a 3 year fixed rate is lower than one for 5, and so on.
Why is this? The shorter the term of your loan, the less risk it is to the lending bank.
Example: If the bank loans you money today, in 2005, at a fixed rate for the next 30 years at 5.875% and interest rates shoot to 8.000% five years from now, in 2010, they are stuck with your loan at 5.875%. Obviously this is not the best investment on their money in 2010. They made a commitment to you in 2005 and in 2010 it now is killing them. However, if you give them the ability to "correct" this or "adjust" this at some point, they can try and catch up to the market conditions at the time of the adjustment. This is beneficial to them so they reward you for lessening this risk by offering you a lower rate to allow them this flexibility at a later date.
OK, so on March 1, 2005, you sign your loan docs where you have elected to go with the 5 YR ARM at 5.25% vs. the 30 YR FIXED rate of 5.875%. The ARM you have chosen will adjust once yearly.
For the first five years your rate is going to be FIXED at 5.25%. Your rate can go no higher and can go no lower. For these 60 months, your payment will NOT change.
On March 1, 2010, your 5 YR ARM is going to adjust. It is going to adjust on this day and every March 1 thereafter for the next 25 years. Your rate is no longer guaranteed at 5.25%. It is now based on the INDEX plus the MARGIN.
What are the index and margin?
This is where LIBOR, COFI, CODI, CMT, and MTA come in. These are the most popular of the indexes.
LIBOR - London InterBank Offering Rate is the average lending rates from a number of major banks based in London, England. It is commonly used as an international interest rate index. LIBOR is influenced by changes in both the Bank of England's official rate and the targeted fed funds rate.
COFI - Cost of Funds Index is a very stable index that is based on the average cost of deposits and borrowings for savings institutions in the Federal Home Loan Bank's 11th district (which consists of California, Arizona, and Nevada). Tends to lag behind changes in market interest rates.
CODI - Similar to COFI but it is based on Certificate of Deposits. Since it is based solely on deposits it responds more rapidly to changes in market interest rates than a COFI.
CMT - Constant Maturity Treasury Index is the weekly average yield on the United States Treasury securities adjusted to a constant maturity of 1 year. Since this index is a monthly average of the one-year CMT yield, it is less volatile than daily interest rate movements but more volatile than other indexes such as the COFI.
MTA - This is based on the same securities as the CMT but it is based on annual yields rather than weekly yields. As a moving average going back over the past year, it is more stable than an index base solely on current values.
Are you completely lost yet? It can be very confusing.
You have probably heard of the LIBOR. The LIBOR has become the Index of Choice in the last few years because it is comparatively low and has been pretty stable. It is also tied to the major banks of London, which means it is not directly tied to the U.S. economy. I would estimate that 70-80% of ARMs today use the LIBOR index.
OK, so it’s March 1, 2010, you had a 5 YR LIBOR ARM, and you know it is going to adjust to whatever the LIBOR index is on that day. Let's say the LIBOR index is at 3.10 on March 1, 2010. You now need to add in the margin. Let's say your margin is 2.25%.
The margin is what lenders add to the index rate to determine your new rate. The amount of the margin can differ from one lender to another and from program to program, but it is usually constant over the life of the loan. If your margin is 2.25% in the loan you signed on for on March 1, 2005, it will likely stay there for the next 30 years.
On March 1, 2010 you add the LIBOR index as it is on that day in 2010 of 3.10 and you add that to your margin, that will remain consistent, of 2.25% and your new rate on that date will be 5.35%.
On March 1, 2011, you will do this again. On March 1, 2012, you will do this again. This will happen every March 1 of every year until the 30 year loan is complete.
Most ARMs have a life cap. The rate cannot go over a certain cap over the life of the 30 tear loan. This cap is usually of 5 or 6 points ABOVE the start rate. If you started with a 3 YR ARM at 5.000% and the cap is 6, the bank can raise the rate no higher than to 11.000% over the life of the loan if necessary market conditions call for it. Even if rates were at 13.000%, your loan can go no higher than 11.000%.
Recent studies have shown that most homeowners either refinance or sell their home within 5 to 7 years. Therefore, most buyers who opt for a 7-year ARM will never even experience adjustable-rate payments.
Most ARMs also have yearly caps of usually 1 or 2. This means that the loan cannot go up any higher than 1 to 2 points in any 12 month period. If it started at 5.00%, even if the index + margin adjustment calls for it to go to 8.00% and the yearly cap is 2, it can go no higher than the 2 to 7.00% that year.
Most of these loans can also be done as interest-only for a fixed period of time. Choosing interest-only options does not change the way the ARM adjusts. Sometimes the interest-only period will even exceed the fixed period. Example: Some 5 YR ARMs allow for the interest-only option for the first 10 years.
Be very careful. Your payment will increase substantially when the interest-only period is over. If your rate has increased substantially because of adjustments you may now be in a house that you simply cannot afford. This is a topic for another time.
Before you choose the ARM that is right for you, first determine how long you want your loan to be fixed for, next find out what indexes your lender has that loan available in and then find out what the margin is on each. Just because the COFI is at 2.00 today and the LIBOR is at 3.00 does not necessarily mean that the COFI it is better for you. The margin may be higher on the COFI-based ARM
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What are the index and margin?
This is where LIBOR, COFI, CODI, CMT, and MTA come in. These are the most popular of the indexes.
LIBOR - London InterBank Offering Rate is the average lending rates from a number of major banks based in London, England. It is commonly used as an international interest rate index. LIBOR is influenced by changes in both the Bank of England's official rate and the targeted fed funds rate.
COFI - Cost of Funds Index is a very stable index that is based on the average cost of deposits and borrowings for savings institutions in the Federal Home Loan Bank's 11th district (which consists of California, Arizona, and Nevada). Tends to lag behind changes in market interest rates.
CODI - Similar to COFI but it is based on Certificate of Deposits. Since it is based solely on deposits it responds more rapidly to changes in market interest rates than a COFI.
CMT - Constant Maturity Treasury Index is the weekly average yield on the United States Treasury securities adjusted to a constant maturity of 1 year. Since this index is a monthly average of the one-year CMT yield, it is less volatile than daily interest rate movements but more volatile than other indexes such as the COFI.
MTA - This is based on the same securities as the CMT but it is based on annual yields rather than weekly yields. As a moving average going back over the past year, it is more stable than an index base solely on current values.
Are you completely lost yet? It can be very confusing.
You have probably heard of the LIBOR. The LIBOR has become the Index of Choice in the last few years because it is comparatively low and has been pretty stable. It is also tied to the major banks of London, which means it is not directly tied to the U.S. economy. I would estimate that 70-80% of ARMs today use the LIBOR index.
OK, so it’s March 1, 2010, you had a 5 YR LIBOR ARM, and you know it is going to adjust to whatever the LIBOR index is on that day. Let's say the LIBOR index is at 3.10 on March 1, 2010. You now need to add in the margin. Let's say your margin is 2.25%.
The margin is what lenders add to the index rate to determine your new rate. The amount of the margin can differ from one lender to another and from program to program, but it is usually constant over the life of the loan. If your margin is 2.25% in the loan you signed on for on March 1, 2005, it will likely stay there for the next 30 years.
On March 1, 2010 you add the LIBOR index as it is on that day in 2010 of 3.10 and you add that to your margin, that will remain consistent, of 2.25% and your new rate on that date will be 5.35%.
On March 1, 2011, you will do this again. On March 1, 2012, you will do this again. This will happen every March 1 of every year until the 30 year loan is complete.
Most ARMs have a life cap. The rate cannot go over a certain cap over the life of the 30 tear loan. This cap is usually of 5 or 6 points ABOVE the start rate. If you started with a 3 YR ARM at 5.000% and the cap is 6, the bank can raise the rate no higher than to 11.000% over the life of the loan if necessary market conditions call for it. Even if rates were at 13.000%, your loan can go no higher than 11.000%.
Recent studies have shown that most homeowners either refinance or sell their home within 5 to 7 years. Therefore, most buyers who opt for a 7-year ARM will never even experience adjustable-rate payments.
Most ARMs also have yearly caps of usually 1 or 2. This means that the loan cannot go up any higher than 1 to 2 points in any 12 month period. If it started at 5.00%, even if the index + margin adjustment calls for it to go to 8.00% and the yearly cap is 2, it can go no higher than the 2 to 7.00% that year.
Most of these loans can also be done as interest-only for a fixed period of time. Choosing interest-only options does not change the way the ARM adjusts. Sometimes the interest-only period will even exceed the fixed period. Example: Some 5 YR ARMs allow for the interest-only option for the first 10 years.
Be very careful. Your payment will increase substantially when the interest-only period is over. If your rate has increased substantially because of adjustments you may now be in a house that you simply cannot afford. This is a topic for another time.
Before you choose the ARM that is right for you, first determine how long you want your loan to be fixed for, next find out what indexes your lender has that loan available in and then find out what the margin is on each. Just because the COFI is at 2.00 today and the LIBOR is at 3.00 does not necessarily mean that the COFI it is better for you. The margin may be higher on the COFI-based ARM
We expect our lives to go smoothly all the time but that very rarely happens. A need can come up any time it can be a personal need or a financial need. Solution to the personal need may depend on person to person but if you are looking for financial help from outside sources for a short period then an ideal solution are bridging loans UK.Bridging loans are loans which are offered to people who are looking for quick solutions to their financial requirements.Instances where the borrowers may need to go in for bridging loans are: · Where you want to buy a property and there is a gap where you have not sold your current property. · Temporary funding for the purchase of a defective property. · For an entrepreneur who sells to the goods on credit may use it as working capital before the payment is made by the buyers. · To purchase a property in a hurry i.e. from an auction.Bridging loans are short term loans which can be acquired by providing collateral to the borrower. Collateral can be provided in any of the two forms available t
You have probably heard of the LIBOR. The LIBOR has become the Index of Choice in the last few years because it is comparatively low and has been pretty stable. It is also tied to the major banks of London, which means it is not directly tied to the U.S. economy. I would estimate that 70-80% of ARMs today use the LIBOR index.
OK, so it’s March 1, 2010, you had a 5 YR LIBOR ARM, and you know it is going to adjust to whatever the LIBOR index is on that day. Let's say the LIBOR index is at 3.10 on March 1, 2010. You now need to add in the margin. Let's say your margin is 2.25%.
The margin is what lenders add to the index rate to determine your new rate. The amount of the margin can differ from one lender to another and from program to program, but it is usually constant over the life of the loan. If your margin is 2.25% in the loan you signed on for on March 1, 2005, it will likely stay there for the next 30 years.
On March 1, 2010 you add the LIBOR index as it is on that day in 2010 of 3.10 and you add that to your margin, that will remain consistent, of 2.25% and your new rate on that date will be 5.35%.
On March 1, 2011, you will do this again. On March 1, 2012, you will do this again. This will happen every March 1 of every year until the 30 year loan is complete.
Most ARMs have a life cap. The rate cannot go over a certain cap over the life of the 30 tear loan. This cap is usually of 5 or 6 points ABOVE the start rate. If you started with a 3 YR ARM at 5.000% and the cap is 6, the bank can raise the rate no higher than to 11.000% over the life of the loan if necessary market conditions call for it. Even if rates were at 13.000%, your loan can go no higher than 11.000%.
Recent studies have shown that most homeowners either refinance or sell their home within 5 to 7 years. Therefore, most buyers who opt for a 7-year ARM will never even experience adjustable-rate payments.
Most ARMs also have yearly caps of usually 1 or 2. This means that the loan cannot go up any higher than 1 to 2 points in any 12 month period. If it started at 5.00%, even if the index + margin adjustment calls for it to go to 8.00% and the yearly cap is 2, it can go no higher than the 2 to 7.00% that year.
Most of these loans can also be done as interest-only for a fixed period of time. Choosing interest-only options does not change the way the ARM adjusts. Sometimes the interest-only period will even exceed the fixed period. Example: Some 5 YR ARMs allow for the interest-only option for the first 10 years.
Be very careful. Your payment will increase substantially when the interest-only period is over. If your rate has increased substantially because of adjustments you may now be in a house that you simply cannot afford. This is a topic for another time.
Before you choose the ARM that is right for you, first determine how long you want your loan to be fixed for, next find out what indexes your lender has that loan available in and then find out what the margin is on each. Just because the COFI is at 2.00 today and the LIBOR is at 3.00 does not necessarily mean that the COFI it is better for you. The margin may be higher on the COFI-based ARM
Just when you think it’s safe to embrace another clich?, guess again.Undoubtedly, you've heard the truism that there’s no such thing as bad publicity. The tabloids might wrongly accuse you of committing a heinous crime, but if they spell the name of your web site properly, eliciting enough clicks, you’ll come out ok.And there seem to be some shining examples of this philosophy.G. Gordon Liddy, that once reviled Watergate burglar, made a name for himself in that scandal, and the exposure paved to way to a best-selling book, and to a very successful career in talk radio.Watergate publicity, though excoriating, game him the immeasurably important gift of name recognition, coveted by every ratings-conscious producer in showbiz.Heidi Fleiss, the Hollywood madam who was tried and convicted, enjoyed a brief but apparently successful stint as a fashion designer and retailer of Heidi-wear, miscellaneous treats for the tart.So, what am I talking about when I say there IS such a thing as bad publicity?I’m speaking of PUBLICITY T
Recent studies have shown that most homeowners either refinance or sell their home within 5 to 7 years. Therefore, most buyers who opt for a 7-year ARM will never even experience adjustable-rate payments.
Most ARMs also have yearly caps of usually 1 or 2. This means that the loan cannot go up any higher than 1 to 2 points in any 12 month period. If it started at 5.00%, even if the index + margin adjustment calls for it to go to 8.00% and the yearly cap is 2, it can go no higher than the 2 to 7.00% that year.
Most of these loans can also be done as interest-only for a fixed period of time. Choosing interest-only options does not change the way the ARM adjusts. Sometimes the interest-only period will even exceed the fixed period. Example: Some 5 YR ARMs allow for the interest-only option for the first 10 years.
Be very careful. Your payment will increase substantially when the interest-only period is over. If your rate has increased substantially because of adjustments you may now be in a house that you simply cannot afford. This is a topic for another time.
Before you choose the ARM that is right for you, first determine how long you want your loan to be fixed for, next find out what indexes your lender has that loan available in and then find out what the margin is on each. Just because the COFI is at 2.00 today and the LIBOR is at 3.00 does not necessarily mean that the COFI it is better for you. The margin may be higher on the COFI-based ARM and none of us can predict where any index will be five years from now on your five year ARM.
Many different websites can show you the history of each index. It is definitely worth consideration before choosing your ARM program.
Congratulations!! If you now completely understand this newsletter, I would bet that you now know more about this than half the lenders in your city!!!!
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