CODI, COSI, COFI, MTA and LIBOR ARMS

The Features and Benefits, The Real Upside and Downside.... THE TRUTH!

A 1 month adjustable rate mortgage is based on an ever-below market index - either the COFI, MTA, CODI, LIBOR or COSI - and has the following loan features:

A fixed interest rate for an initial 1-month period; thereafter the interest rate (fully indexed rate) may change monthly.
A minimum payment amount, which is based on the start rate, adjusts on an annual basis subject to a 7.5% payment change cap

A 7.5% payment change cap limits how much the minimum monthly payment can increase or decrease from the previous minimum payment, except on the fifth year of your loan and every five years thereafter. Payment change caps are not effective when the principal balance exceeds 110% (this percentage cap varies depending on program) of the original loan amount and payments may adjust more frequently than annually in such situations to enable your loan to be repaid in 30 years. Payment adjustments are calculated based on the remaining loan term and current interest rate.

A lifetime interest rate cap that protects you by limiting how high your interest rate can go.

Interest rate is calculated by adding together the loan margin (this is fixed throughout the life of the loan) and the current month's index rate.

Your fully indexed rate payments (interest only, principal and interest, 15 year option -- if offered), is based on the outstanding principal balance (this characteristic may not apply to every lender and every program -- please check with your loan officer).

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