"Lynne was in our corner"
I am writing to let you know how pleased we have been with the services of the Knurr Team, with whom we have been listed with since last November. Although this has been a very difficult housing market, we have always felt Lynne was in our corner, doing everything she could to sell our house. The entire team, Lynne, Jim, Lara and Cindy were excellent at coordinating and communicating with us. They are great ambassadors for the Coldwell Banker brand! Although we are accepting a corporate buyout offer, you can be certain we will be using Coldwell Banker for all of our future relocations. I would like to suggest that the listing be kept with the Knurr Team because of their familiarity with the property and the effort they have invested to date.
Thank you,
Shalini
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Financing Your Home >Mortgage Terms
New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.
Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.
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