Refinancing: Types of loans -- fixed, adjustable, special

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Portland, Oregon	July 4, 2008

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Fixed

•	30 years vs. 15 years Know how your choice will affect your payments.
•	What lenders look for Most lenders now rely on automated underwriting -- and here's what they look at when fixing a rate.
•	What to watch before locking in Keep an eye on these key indicators to time your lock-in for the best fixed rate.
•	Your rate is fixed, but ... Watch out for these loan markups that can add thousands over the life of the loan.
	More

Adjustable

•	Basics of ARMs and caps Their rates can move, but pay attention to the caps -- they limit how much.
•	ARMs offer lowest of low rates Borrowers who expect to move within the next few years should consider them.
•	How adjustable-rate mortgages are set Odd but true: Banks in Europe sometimes determine ARM holders' monthly payments in the U.S.
•	ARM terms Know your adjustable-rate mortgage definitions.
	More

Special

•	Best loans for vacant lots Land loans are unique. Here are some of the types to consider.
•	Financing options for manufactured homes Today's manufactured homes bear little resemblance to yesterday's air-slipping tin cans on wheels.
•	Unusual mortgages serve special needs Some lenders offer mortgages that meet specific needs, and experienced consumers can benefit from them.
•	Shared-appreciation mortgages With a "SAM," the lender cuts rates now for a piece of equity later.
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Rates may include points.

30 yr fixed mtg	6.25%
15 yr fixed mtg	5.77%
5/1 jumbo ARM	6.25%

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