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ETRADE loan results
Similar to above except 5yr ARM rate/margin is lower.
Interest Rate Points MonthlyPayment APR Margin 6.125 % 1.000 $ 1822.84 7.250 % 2.25 Interest Rate Change Caps: First – 5%, Periodic – 2%, Lifetime – 5% 1-year LIBOR index plus the margin.
for 3 yr ARM, Interest Rate Change Caps: First – 2%, Periodic – 2%, Lifetime – 6%
SO, it looks like the first adjustment for most 5 yr ARMS is more likely 5% cap, not 2% cap!!
