This paper examines some of the more recent mortgage products now available to borrowers. The authors describe how these products differ across important characteristics, such as the down payment requirement, repayment structure, and amortization schedule. The paper also presents a model with the potential to analyze the implications for various mortgage contracts for individual households, as well as to address many current housing market issues. In this paper, the authors use the model to examine the implications of alternative mortgages for homeownership. The authors use the model to show that interest rate-adjustable mortgages and combo loans can help explain the rise-and fall-in homeownership since 1994.
CIVIL – promissory note; ambiguous; balloon payment; contract; summary judgment; material fact; Civ.R. 56(C); amortization schedule.
The firm has closed more than 280 separate transactions totaling more than $2 billion since the 1990s. "The number of lenders offering products to senior housing/ healthcare borrowers has increased dramatically as the economic outlook for these properties has improved. But it's always a good idea to consider all the angles," he suggests. [Jeffrey A. Davis] says the "obvious" things borrowers routinely consider are the interest rate, loanto-value percentage, term length and amortization schedule. But there may be other "hidden" specifications that would make certain loans more appealing than others. For example, some loans have "floating" rates that are updated at predictable intervals throughout the life of the loan based on various developments impacting the capital markets. Over time,...
A home lender can be sued for fraud based on its alleged failure to clearly disclose the negative consequences when only the scheduled monthly payments are made on an adjustable rate mortgage loan, the has ruled in reversing a dismissal. The plaintiff obtained an option adjustable rate mortgage (ARM) loan from the defendant. He sued for fraud under state law, alleging that loan documents failed to adequately disclose that "negative amortization" occurred when he only made his monthly payments in accordance with the schedule provided by the defendant.
... not be repaid on a shorter or faster amortization schedule than the guaranteed portion. Any project-...
Grandbridge Real Estate Capital LLC of Charlotte, N.C. funded a $15-million first mortgage loan for 925 Common St., a 14-story Class A multifamily high-rise in New Orleans. The 10-year, fixed-rate loan is structured with its first two years at interest only and the remaining term based on an interest rate of 5.875 percent using a 30- year amortization schedule. Following Hurricane Katrina in 2005, the office building in the Central Business District built in the 1950s was converted to 108 one- and two-bedroom multifamily rental units in 2006. About 100,000 square feet of former subleased hotel space was part of the physical structure.
As I mentioned in a previous column describing good faith estimates (GFEs), it is very important for home buyers and refinancers to make sure that lenders are providing them with all required disclosures and then to scrutinize those disclosures carefully. The federal Truth in Lending Act (TILA) statement is one such disclosure that, like the GFE, lenders are required to provide to an applicant within three days of receiving an application. The TILA statement is a comprehensive document whose purpose is to consolidate all of the terms and conditions of the relevant loan program, including interest rate, total amount being financed, an amortization schedule, fees and points incurred, prepayment penalties if applicable, and, perhaps most importantly, the annual percentage rate (APR).
The Portland office of Holliday Fenoglio Fowler LP has secured $48 million in financing for the acquisition of Eastridge Business Park in Vancouver. HFF senior managing director Lloyd Minten worked on behalf of the borrower, ScanlanKemperBard Cos., in arranging the five-year, 5.6 percent interest rate loan through Aegon. The loan has a 30-year amortization schedule.
The LOTUS 1-2-3 spreadsheet software was used to illustrate the difference between the rule-of-78 amortization payment schedule and the unpaid principal balance method. It was argued that the rule-of-78 is identical to the sum-of-the-months'-digits method. The rule-of-78 is disadvantageous to borrowers because the interest charges are greater in the earlier periods. Borrowers will also pay a substantial prepayment penalty in addition to any penalty stipulated in the promissory note.
... a 10-year term and a 30-year amortization schedule for the borrower, AMB U.S. Logistics Fund...
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