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According to the latest news, ACORN (the Association of Community Organizations for Reform Now), has just issued the results of the impact of upcoming adjustments to adjustable rate mortgages. To refresh your memory, ACORN is the nation’s largest community organization which deals with low and moderate-income families. Their study used a sample of 275 subsidiary lenders owned by 15 of the largest lenders in the country. These lenders represent 65.5% of all residential mortgages that were originated in 2005 and 55% of the sub-prime market. Each of the lenders was asked to provide the public version of data they collected as mandated by the Home Mortgage Disclosure Act (HMDA) which includes information on the race, gender, and census tract of each applicant and whether the applicants received high-cost loans. The study examined only first conventional purchase and refinance mortgages; no government guaranteed (i.e. VA or FHA) loans. 130 metropolitan areas were examined to determine the disparities between borrowers of different race and income levels to identify those areas and groups that may pose the greatest risk of “rate shock.” ACORN noted that, while ARMs represent about 24% of all home loans nationally, in some communities and among some demographic groups they account for a much larger percentage of the mortgage pool. ARMS also make up about 75% of all sub-prime loans - a 50% increase since 1999. The report stated that “until this year there has been little recognition of the prevalence of adjustable interest rates in sub-prime loans and the danger posed by these ARMS.” The focus instead has been on predatory practices such as excessive fees, high interest rates, and balloon payments. Sub-prime loans are generally tailored for a market where people cannot obtain a conventional loan at a standard rate but Freddie Mac and Fannie Mae have estimated that at least 1/3 of sub-prime borrowers could actually have qualified for a lower cost mortgage so, it would seem that a “large number of the borrowers who have received ARMS should not have been in the sub-prime market.” The ACORN study found 32 markets where at least one out of three loans given out was high cost and thus subject to rate reset shock. In ten of these markets high cost loans represented 2/5 of the home purchase and refinance mortgages. The ten were Detroit, Michigan, Memphis, Tennessee, Jackson, Mississippi, McAllen, El Paso, Laredo, Brownsville, Texas, Springfield, Illinois, Birmingham and Alabama.
ACORN also found that minority neighborhoods are at a great risk of payment shock because of the extent of high cost loans. More than half of the high-cost refinance loans in 67 of the areas examined in the study were in minority communities and in 44 of these areas over 50% of the purchase loans were high cost. And the risk was not limited to the low income in minority areas. Upper-income minority borrowers were found to be at greater risk than white borrowers of similar income. In 12 metropolitan areas upper-income African-Americans were at least three times more likely than their white counterparts to receive high-cost refinance loans and in 15 metropolitan areas upper-income African-Americans were at least five times more likely to receive a high-cost purchase loan than upper-income whites. These areas are mostly southern or east coast (Atlanta, Baltimore, Charleston, Durham, Jackson, NYC, Washington, DC, plus Milwaukee and San Francisco). Interest rates for sub-prime ARMs are usually tied to the London Inter-Bank Offer Rate (LIBOR) with a margin of about 5.5% added on. The LIBOR has increased from 1.21% in January 2004 to 5.64% in June 2006. While many ARMs have rate caps that limit the amount that a rate can adjust on each anniversary and over the life of the loan, many sub-prime loans do not - or else have caps that allow very large increases. Even a typical 2% cap on a $150,000 loan would allow an increase in the monthly payment of $212.
Another survey, performed by Public Opinion Strategies, found that lower-income people did not think that traditional mortgages were an option for them and we also less informed about reset shock and the debt risks. Borrowers with prepayment penalties and minimum equity may be unable to refinance out of a loan that, once it readjusts, they can no longer afford. The First American Real Estate Solutions research notes that approximately 1 million households are in danger of losing their homes through foreclosure aver the next five years because they will not be able to afford new payment levels and will owe more on their homes than they can recoup through a sale or refinance. The ACORN report shows that the impact of rate reset shock may be concentrated in certain metropolitan areas and among certain demographic groups that can eventually cut the prices down.

Lending experts are fifty-fifty on 50-year mortgages: some of them say as it can be risky, others say it’s good. Many men, many mind. Nevertheless, Statewide Bancorp in California is the first U.S. lender to introduce a 50-year mortgage. It means that a mortgage has been supersized. Half of first-time home buyers are 32 or older, according to the National Association of Realtors. If those buyers get 50-year mortgages and never refinance or make extra payments, they won’t pay off their loans until they’re in their 80s. Would they be crazy to get loans that amortize or pay off the balance over 50 years instead of the standard 30 years? No way. Getting a 50-year loan is a perfectly rational way to avoid an interest-only or payment-option adjustable-rate mortgage.  Such loans only make up a small fraction of the market as you are not building wealth through homeownership with a 50-year mortgage. Although lenders offer 50-year loans, almost every company has variations: some have a straight 50-year mortgage, some have a balloon payment and some have adjustments. The customer is probably going to be charged a higher interest rate to have the privilege of paying 20 years more interest. Basically, a 50-year mortgage is the program of last resort and borrowers should remember that there will be a day of reckoning and maybe a bad day of reckoning.

Most 50-year loans are actually adjustable 30-year loans that are based on a 50-year repayment schedule. They are called “50s due in 30.” If carried to term, the loans have balloon payments due in 30 years. Some lenders offer adjustable home loans that can be repaid over 50 years. Because it is adjustable, the fully amortized 50-year loan is definitely profitable. Some buyers simply like the idea of having five decades to repay their loan.
As for taxes and insurance, the 50-year loan would begin with a monthly payment of $3,674 compared to $3,826 for the traditional loan. After 30 years, borrowers with the traditional loan would own their homes free and clear. Those with a “50 due in 30” would face a balloon payment of $388,036.  It’s expected that half-century mortgages will rapidly gain popularity. The advantage of a 50-year mortgage is that there is a lot of sizzle, but not much steak.

National City Corporation based in 1955 in Cleveland, Ohio, is one of the ten largest banks in America in terms of deposits. The company operates through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management.
National City has been on an acquisition spree of late, including its $2.1 billion purchase of Cincinnati-based Provident Financial Group in 2004. In addition, in 2005, National City acquired Allegiant Bancorp to secure a presence in the St. Louis, MO market. In 2006 they acquired Fidelity Bankshares Inc. for an estimated $1 billion dollar deal that is half cash, half stock. Also acquiring Harbor Florida Bancshares Inc. through a $1.1 billion stock deal, both banks are located in Florida. Combined it gives National City 7.4 billion of assets in Florida. It also gives National City 92 branches in a market that is growing quicker than the midwest. On the other side of the ledger, National City sold to Bank of America its 83% stake in National Processing, which earns fees from processing merchant credit card transactions.
Today National City offers much more types of mortgage loans than in the past as the corporation continually strives to provide their customers with loan programs that meet their needs. There’s a wide variety of programs available whether you’re buying a home or refinancing your present one:
Fixed Rate Programs for stability - your interest rate or principal and interest payment will stay the same over the life of your loan.
Adjustable Rate Mortgages (ARM) for flexibility - ARMs offer a lower interest rate to start, so your monthly payments are generally lower.
Affordable Home Programs for modest budgets increase home ownership possibilities by reducing the necessary down payment and costs.
Jumbo Mortgages for luxury homes allow you to borrow more money for the home of your dreams.
FHA and VA Mortgages for government loans usually offer lower interest rates and down payments to those who qualify.
There are also other mortgage program varieties for home buyers with particular requirements or specific circumstances. 
To find more information on a mortgage program, to apply online or calculate your mortgage you can visit National City Co. web-site: www.nationalcitymortgage.com

A reverse mortgage (known as lifetime mortgage in the UK) is a type of loan available to seniors (62 and over in the US), used as a way of converting their home equity (the value of the home, minus the amount of any existing mortgages) into one or more cash payments while retaining ownership of the property (continuing to live there) and avoiding monthly payments. Repayment of the loan is deferred until the borrower is no longer living in the home.
In a typical mortgage, a home owner pays a monthly amortized amount; after each payment, the owner has more equity in the house. After a certain amount of time (typically 30 years), the mortgage will be paid in full and the property released from the debt. In a reverse mortgage, the home owner pays nothing each month and all interest on the debt is added to the lien on the property. If the owner receives monthly payments, then the debt on the house increases each month.
If a house gains significantly in value after a reverse mortgage is taken on it, it is possible to get a second and even third reverse mortgage to borrow against the increased equity that the owner now has in the more valuable house. But, in the United States a reverse mortgage must be the first and only mortgage on the property (if there is an existing mortgage, it will be paid off with some of the proceeds from the reverse mortgage). In the United States, if the property increases in value (and as the mortgagee ages and qualifies for more money), the reverse mortgage may be refinanced to borrow more against the increased equity.
To qualify for a reverse mortgage in the United States, the borrower must be at least 62. The borrower must pay off any existing mortgages with the proceeds from the reverse mortgage and, if needed, additional personal funds. There are no minimum income or credit requirements, and for most reverse mortgages, the money can be used for any purpose. A pending bankruptcy that has not been finalized may, however, slow the process. Some types of dwellings, such as lower-value mobile homes, do not qualify. Before borrowing, applicants must seek HUD approved counseling. The counseling is a free safeguard for the borrower and his/her family, to make sure they completely understand what a Reverse Mortgage is, and what the process of obtaining one is. Reverse mortgages are offered by some state and local governments. These “public sector” loans generally must be used for specific purposes, such as paying for home repairs or property taxes. The majority of reverse mortgages are FHA insured.
The amount of money that an individual homeowner can receive from a reverse mortgage depends on their age, the Federal Housing Administration (FHA) or Fannie Mae (FNMA) appraised value of the home, and the starting interest rate (effective upon closing/finalization of the loan). The location of the home may also have an impact. There is also a type of reverse mortgage for homes valued over the maximum Fannie Mae limit. These are called “cash” accounts, and are proprietary loan products. In a reverse mortgage in the U.S., a borrower can be paid in a lump sum, monthly (payment of advances), through an increasing line of credit, or a combination of all three. The money received (loan advances) are not taxable and do not affect Social Security or Medicare benefits.
The cost of getting a reverse mortgage from a private sector lender exceeds the costs of other types of mortgage loans from such a lender. There is an insurance premium of 2% of the loan and a 2% origination fee in addition to normal closing cost. Thus a $200,000 loan would have $8,000 in costs beyond the normal closing costs, which are typically some thousands of dollars. In addition, there is a monthly service charge of $30 that is usually added to the total amount of the loan.
The lowest cost reverse mortgages are offered by state and local governments. They generally have low or no loan fees and the interest rates are typically low or moderate as well. But, as noted above, they often have many restrictions, and many states don’t have such programs at all.
The most popular type of reverse mortgage in the U.S. is the FHA-insured Home Equity Conversion Mortgage (HECM) which accounts for 90% of all reverse mortgages originated in the U.S. As of December 31, 2005, a total of 195,418 HECM loans had been issued since the program’s inception in 1989. However, program growth in recent years has been very rapid. The National Reverse Mortgage Lenders Association (NRMLA) reports that 55,659 HECM loans were endorsed thru the first nine months of fiscal year 2006, an 83% increase over the 30,404 loans endorsed during the same period in the prior fiscal year.

GMAC Mortgage Corporation is the division of General Motors Acceptance Corporation (or GMAC) or the financial services arm of General Motors, the world’s largest automobile manufacturer. GMAC Financial Services provide a suite of financial programs including automotive financing, insurance and real estate and mortgage operations in 40 countries around the world. This international company has been part of the General Motors family since the late 1910s. GMAC mortgages were first offered in 1985, after GMAC Financial purchased Colonial Mortgage Service and Norwest Mortgage. In the late 1990s, the company bought mortgage services from Wells Fargo and unveiled the newly formed Home Services division, which provided all-inclusive services to potential homeowners from real estate assistance to home equity loans. Homebuyers can apply for GMAC mortgages in any of the company’s 200 offices across the country or through the Internet. As one of the largest mortgage providers in America, the company works with homeowners in all financial situations to help them meet their goals. GMAC mortgages are designed to provide the homeowner with a good financial package and peace of mind. Through its full-service approach, homebuyers hardly have a reason to shop around.
GMAC offers all of the most popular mortgage options, like Fixed Rate Mortgages, Adjustable Rate Mortgages, and balloon mortgages. They also work with homeowners who have little or no money for a down payment or who have had past credit problems. GMAC mortgages are also available for second properties, like a vacation home or investment, and can be used to build a new home. Refinancing your mortgage can help secure a better interest rate, lower monthly payments, or change the type of mortgage you currently have. GMAC mortgages can be refinanced with no cost by using their roll down option; although, using the roll down option may leave you with a higher interest rate. As your home appreciates and more of your mortgage is paid off, you should be able to access the funds tied into your house for necessary expenses. Whether it’s to pay off debt or start a home improvement project, GMAC offers loans and equity credit products to help you. Plus, the interest on a home equity loan is often tax deductible. Besides the backing of one of the country’s largest financial institutions, customers with GMAC get help with moving expenses. GMAC offers their clients discounts on supplies like boxes, tape, and packing material. If you finance a second mortgage, GMAC will reimburse you up to $250 on select moving products. GMAC provides its customers with a seemingly endless supply of resources to help navigate the mortgage process. At its website, GMAC offers FAQs, a glossary of mortgage terms, and comparisons of mortgage options. It also offers payment calculators, a rent versus buy comparison, and a tool to tell you how much of a mortgage you can afford: www.gmacmortgage.com
GMAC Rates on 18/08/2006:
                  Conforming Loans:           Jumbo Loans:  
30 year fixed – 6.750%                       6.875%
15 year fixed – 6.500%                       6.625%
5/1 LIBOR AMR – 6.625%                   6.750%

Weekly national mortgage survey shows that rates continue falling the 4th week, more people are refinancing their home loans and fewer people are getting adjustable-rate mortgages (just 27.2% applied for adjustable-rate mortgages last week). The 30 year fixed-rate mortgage fell 6 basis points to 6.51%. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 5.88%; four weeks ago, it was 6.89%. The 15-year fixed-rate mortgage fell 2 basis points to 6.23%. The 5/1 adjustable-rate mortgage fell 4 basis points to 6.28%. Getting a fixed-rate loan is the logical move for a lot of borrowers, because the rates on ARMs aren’t as competitive as they used to be. A year ago, the average rate on a 5/1 ARM was 5.56%, or 32 basis points lower than the 30-year fixed. This week, the 5/1 ARM is 23 basis points lower than the 30-year fixed.

Wells Fargo & Co. is a financial services company in the United States with consumer finance subsidiaries doing business in Canada, the Northern Mariana Islands and the Caribbean.
Headquartered in San Francisco, California (its bank, Wells Fargo Bank, N.A., is legally chartered in Sioux Falls, South Dakota but is also operated from San Francisco), Wells Fargo is a result of the acquisition of California-based Wells, Fargo & Co. by Minneapolis-based Norwest Corporation in 1998. Though unusual for a business acquisition, in this case Norwest chose to change its name to that of the acquired company, to capitalize on the 150-year history of the Wells Fargo name and trademark stagecoach. After changing its name to Wells Fargo, it moved its headquarters from Minneapolis to San Francisco, where the old Wells Fargo Bank had been based. Thus, both before and after the transaction, “Wells Fargo Bank” was based in San Francisco, so that a misimpression was created that Wells Fargo Bank had acquired Norwest. By September 30, 2005, Wells Fargo has 6,250 “stores”, 23 million customers, and 153,000 employees.
Today Wells Fargo offers a wide range of services, for example, banking (online banking, savings, etc.), loans (home equity loans, home mortgage, student loans, personal loans, etc.), investing and insurance (mutual funds, brokerage, etc.). Wells Fargo is one of the leading providers of mortgage in the United States. If you want to get more detailed information about Wells Fargo loans, current rates, payment information etc., you can visit www.wellsfargo.com.

There are different types of mortgage insurance. Private Mortgage Insurance (PMI) is default insurance on conventional loans, provided by private insurance companies. The Homeowners Protection Act of 1998 allows PMI to be canceled when the amount owed reaches a certain level, particularly when the debt is less than 80% of the home’s value, and automatically when the loan principal is less than 78% of its original cost. Mortgagee’s Title Insurance is a policy that protects the lender from future claims to ownership of the mortgaged property. It’s generally required by the lender as a condition of making a mortgage. In the event of a successful ownership claim from someone other than the mortgagor, the insurance company compensates the lender for any consequent loses. Mortgagor’s Title Insurance is a policy protecting the buyer/ owner of real property from successful claims of ownership interest to the property. The coverage usually is supplemental to a Mortgagee’s Title Insurance policy, and the premium is customarily paid by the buyer.
 To go into details, Mortgage Insurance is a financial guaranty that insures lenders against loss in the event a borrower defaults on a mortgage. In case the borrower defaults paying off mortgage, the lender takes title to the property and the mortgage insurer reduces or eliminates the loss to the lender. In effect, the mortgage insurer shares the risk of lending the money to the borrower. Mortgage insurance should not be confused with mortgage life insurance, which provides coverage in the event of a borrower’s death, or homeowner’s insurance, which protects the homeowner from loss due to damage from fire, flood or other disaster!
Mortgage Insurance helps home buyers to benefit and allows them to become homeowners sooner. First-time buyers can use a low down payment to help them afford their first home, or to purchase a more expensive home sooner. Home buyers can put less money down and gain significant tax advantages because they will have more deductible interest to claim. They can also use the cash they would have used for a large down payment for investments, moving costs or other expenses. Without the guaranty of mortgage insurance, lenders normally require a borrower to make a down payment of at least 20% of a home’s purchase price, which can mean years of saving for some borrowers. This large down payment assures the lender that the borrower is committed to the investment and will try to meet the obligation of monthly mortgage payments to protect his investment. With the guaranty of mortgage insurance, lenders are willing to accept as little as 5% or 10% down from borrowers. Mortgage insurance fills the gap between the standard requirement of 20% down and an amount the borrower can more easily afford to put down on a purchase. A low down payment also allows borrowers to purchase more homes than they might otherwise be able to afford. Without mortgage insurance, a borrower who has saved $10,000 for the required minimum 20% down payment would only be able to purchase a $50,000 home. With mortgage insurance the borrower could make a down payment of only 10% and purchase a $100,000 home with the $10,000! Or put $7,500 down on a $75,000 home and use the remaining $2,500 for decorating, investing, or buying a car or major appliance. Mortgage insurance broadens a borrower’s options. 
Usually borrowers pay for mortgage insurance. An initial premium is collected at closing and its monthly amount may be included in the house payment made to the lender. Here are some examples of flexible plans for borrowers:
1) Annuals - The borrower pays the first-year premium at closing; an annual renewal premium is collected monthly as part of the total monthly house payment.
2) Monthly Premiums - The cost is slightly more than traditional mortgage insurance plans but monthly premiums dramatically reduce mortgage insurance closing costs. Borrowers pay for mortgage insurance monthly as part of their total monthly house payment but only need to pay one month’s mortgage insurance premium at closing, rather than one year’s.
3) Singles - The borrower pays a one-time single premium (instead of an initial premium and renewal premiums). Since single premiums are typically financed as part of the mortgage loan amount, no out-of-pocket cash is used for mortgage insurance at closing.
These plans offer the choice of refundable or nonrefundable premiums. A refundable premium allows the borrower the opportunity to receive money back on any unused portion, in the event that mortgage insurance coverage is discontinued before the loan is paid in full. The cost for a nonrefundable premium is slightly less than that of a refundable premium, thereby giving the borrower a small savings. If coverage is discontinued on a loan with a nonrefundable premium, the borrower has no opportunity for a refund.

A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when agency (FNMA and FHLMC) limits don’t cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender. Currently, the 2006 limit is $417,000; $625,500 in Alaska, Hawaii and the U.S. Virgin Islands. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range. The average interest rates are typically greater than normal for conforming mortgages and vary depending on property types and mortgage amount.
Fixed Rate Jumbo Mortgage is a type of jumbo mortgage with a fixed rate. The characteristics of a jumbo fixed rate mortgage are the same as a conventional mortgage. Depending on the loan amount however, certain loan-to-value restrictions may apply. Consult a qualified loan officer for details.
Adjustable Rate Jumbo Mortgages are those with adjustable rates. The features of a jumbo adjustable rate mortgage (ARM) also depend on the loan amount.
Balloon Jumbo Mortgages are another option for a borrower. The guidelines for this type of jumbo mortgage vary depending on lender/broker.

There are some higher risks connected with Jumbo Mortgages, mostly for lenders. This is because if a Jumbo mortgage loan defaults, it is harder to sell a luxury residence fast for full price. Luxury prices are more vulnerable to market highs and lows. That is one reason lenders prefer to have a higher down payment from Jumbo loan seekers. The interest rate charged on Jumbo Mortgage loans is generally higher than a loan that is conforming due to the slightly higher risk to the lender. IT can vary but is generally .25 to .5 % higher. If you need current jumbo interest rates, you can check www.bankrate.com
Jumbo Mortgage loan options are similar to traditional loan programs. They simply require a slightly higher down payment, of usually an additional 5% for similar program types. No money down programs are generally available, but instead require a minimum of 5% down payment for a jumbo mortgage. Because the loans are large, jumbo lenders frequently offer variable loan programs to the jumbo client. The risk of an interest rate increase can result in a large dollar amount increase. Generally adjustable rate mortgages are popular due to the low payment. It is expensive to refinance a jumbo loan due to the closing costs. Some lenders will offer the service of an extension and consolidation agreement, so that the person who refinances jumbo will not have to pay for mortgage tax again on the same principal balance. In other cases title insurance companies will offer up to a 50% discount often required by law for those refinancing within 1 year to 10 years. The largest discount is for within one year.
There are some recent trends to know. Due to Increased Housing Prices there is a large increase in the number of Jumbo loan applicants. Many consumers are becoming jumbo borrower when simply buying a modest ranch and not the typical luxury residence we often think of when a jumbo loan is needed. New loan programs are now offered to address the large increase in Jumbo Loan applications. Because of the steep housing value increases during the recent years (2000- 2006) mortgage loans are required in excess of the conforming limits in most big city areas or their suburbs. The new loans are either a 40 or even 50 year amortization, or an interest only option. They allow the jumbo loan borrower to pay the loan back over a longer period of time, or to defray any repayment of principal for a few years - thus saving them on their monthly payment. In some cases the banker makes a larger profit if the loan takes more than 30 years to repay.

Ameriquest is one of the United State’s leading wholesale sub-prime lenders. It is a private company, owned by Roland Arnall, founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. The bank moved to Orange County in 1991 and was converted to a pure mortgage lender in 1994, renamed Long Beach Mortgage Co. In 1997, the wholesale part of the business (funding loans made by independent brokers) was spun off as a publicly traded company, called Long Beach Mortgage. The retail part of the business was renamed Ameriquest Capital and remained private. In 1999, Washington Mutual purchased Long Beach Mortgage.
Ameriquest is best known for its subsidiary, Ameriquest Mortgage Company, which makes direct loans to customers. Its Argent Mortgage Company affiliate works with independent brokers. It has offices nationwide and more than 12,000 employees. Other subsidiaries are Ameriquest Mortgage Securities, Long Beach Acceptance Corp. and Town & Country Credit.
Ameriquest was among the first mortgage companies to use computers to search for prospective borrowers and to speed up the loan process and is widely known in the United States. It advertises widely on television, has blimps that fly over football and baseball stadiums and was even sponsoring the 2005 Rolling Stones’ U.S. tour. The home stadium of the Texas Rangers is now called Ameriquest Field.
Sub-prime lenders made $587 billion in new mortgages in 2004, up from $390 billion in2003, according to National Mortgage News. Ameriquest’s share of that is estimated at over $50 billion.
Among Ameriquest’s Mortgage Programs include 30 Year Fixed Mortgage which is a fully amortized loan (paid off at the end of the loan period) with a fixed interest rate for 360 monthly payments. The payments are paid monthly and are due the 1st of each month. The payment on this loan remains fixed at the original interest rate for the life of the loan.
Then 15 Year Fixed Mortgage which is also a fully amortized loan with a fixed interest rate for 180 monthly payments. The payment on this loan also remains fixed at the original interest rate for the life of the loan.
5 Year ARM (Adjustable Rate Mortgage) is a fixed rate for the first 5 years, and then it converts to an adjustable rate loan that can adjust every 6 months. The total loan term is 30 years.
3 Year ARM (Adjustable Rate Mortgage) is a fixed rate mortgage for the first 3 years and then it converts to an adjustable rate loan that can also adjust every 6 months with the total loan term for 30 years.
Ameriquest offers the following quick mortgage rates on 08/16/2006:
Product        Rate       APR  
30Year Fixed – 6.625%  6.938%
15Year Fixed – 6.259%  6.756%
5Year ARM   - 6.250%  7.447%
3Year ARM   - 6.125%  7.629%

For more thorough information you can visit www.ameriquestmortgage.com

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