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Wednesday, November 09, 2005

Specialty Mortgages

With rising home costs, lenders have been offering specialty mortgages to give buyers some flexibility with their monthly payments.
Some examples of Specialty Mortgages:
* Interest Only Mortgage: Borrower pays only the interest accrued with no money going toward the principle loan.
* Option Payment ARMs: Borrower pays a significantly lower interest rate for a set time frame (typically 1-5 years). At the end of the term the borrower assumes the then current market rate.
* 40 year Mortgage: Instead of the typical 30 year mortgage, this extends the life of the loan to 40 years bringing down the monthly mortgage costs.

For more information about these and other loans available please contact
Bobbi Dickerson, Loan Officer with Preferred Mortgage.


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