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  • September 14, 2009 at 7:46 AM #457128
    (former)FormerSanDiegan
    Participant

    You have not given enough info to determine whether this is a good loan or not.

    I’ve seen 3-, 5-, 7-, and 10-year IOs that convert to fully amortized loans for the remaining 15 years.

    Does this 15-year IO loan convert to fully amortizing for 15 remaining years after the initial term or is the term longer ?

    Is it a balloon ?

    What is the margin, index, and cap ?

    On the surface it sounds like a 15-year rent with an option to purchase (and sell) at any time before that.

    September 14, 2009 at 7:50 AM #456338
    (former)FormerSanDiegan
    Participant

    I looked at the two-step mortgage on the UBOC web site.

    It is a 40-year term.
    15 years IO, then 25 years fully amortized.
    There is a one-time adjustment at the end of 15 years, so it is fixed for the remainder.

    I don;t see any info on what the adjustment is based on or whether there was a cap.

    September 14, 2009 at 7:50 AM #456530
    (former)FormerSanDiegan
    Participant

    I looked at the two-step mortgage on the UBOC web site.

    It is a 40-year term.
    15 years IO, then 25 years fully amortized.
    There is a one-time adjustment at the end of 15 years, so it is fixed for the remainder.

    I don;t see any info on what the adjustment is based on or whether there was a cap.

    September 14, 2009 at 7:50 AM #456870
    (former)FormerSanDiegan
    Participant

    I looked at the two-step mortgage on the UBOC web site.

    It is a 40-year term.
    15 years IO, then 25 years fully amortized.
    There is a one-time adjustment at the end of 15 years, so it is fixed for the remainder.

    I don;t see any info on what the adjustment is based on or whether there was a cap.

    September 14, 2009 at 7:50 AM #456940
    (former)FormerSanDiegan
    Participant

    I looked at the two-step mortgage on the UBOC web site.

    It is a 40-year term.
    15 years IO, then 25 years fully amortized.
    There is a one-time adjustment at the end of 15 years, so it is fixed for the remainder.

    I don;t see any info on what the adjustment is based on or whether there was a cap.

    September 14, 2009 at 7:50 AM #457133
    (former)FormerSanDiegan
    Participant

    I looked at the two-step mortgage on the UBOC web site.

    It is a 40-year term.
    15 years IO, then 25 years fully amortized.
    There is a one-time adjustment at the end of 15 years, so it is fixed for the remainder.

    I don;t see any info on what the adjustment is based on or whether there was a cap.

    September 14, 2009 at 1:49 PM #456483
    waterboy
    Participant

    SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.

    September 14, 2009 at 1:49 PM #456678
    waterboy
    Participant

    SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.

    September 14, 2009 at 1:49 PM #457014
    waterboy
    Participant

    SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.

    September 14, 2009 at 1:49 PM #457087
    waterboy
    Participant

    SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.

    September 14, 2009 at 1:49 PM #457281
    waterboy
    Participant

    SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.

    September 14, 2009 at 2:25 PM #456508
    UCGal
    Participant

    [quote=waterboy]SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.[/quote]
    wow – you’re right… only loans up to $417k. (I just went and looked.)

    Actually, as a depositor, I’m a bit relieved.

    September 14, 2009 at 2:25 PM #456703
    UCGal
    Participant

    [quote=waterboy]SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.[/quote]
    wow – you’re right… only loans up to $417k. (I just went and looked.)

    Actually, as a depositor, I’m a bit relieved.

    September 14, 2009 at 2:25 PM #457039
    UCGal
    Participant

    [quote=waterboy]SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.[/quote]
    wow – you’re right… only loans up to $417k. (I just went and looked.)

    Actually, as a depositor, I’m a bit relieved.

    September 14, 2009 at 2:25 PM #457112
    UCGal
    Participant

    [quote=waterboy]SDCCU is no longer doing Jumbos. I know a lot of people who were doing the 3/1 & 5/1 40yr with amounts over $1MM. Might have finally figured out they had a lot of risk on their plate.[/quote]
    wow – you’re right… only loans up to $417k. (I just went and looked.)

    Actually, as a depositor, I’m a bit relieved.

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