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| Note from the Mortgage Professor |
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| While all my articles, calculators and spreadsheets on www.mtgprofessor.com are free, each of the tutorials or tables listed below will cost you $2 - $4. My development and distribution partners can’t do it without being paid, and I couldn’t do it without them. |
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| There is no charge for looking, however. You can see a sample of what you will get for your money by clicking on the menu choices below. A charge doesn't kick in until you give a credit card number. |
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| In fact, we strongly urge that you print out the sample tables and
instructions, and make your decisions about how you will answer the
questions shown there, before you make payment. Paying initiates a "session"
within which you must finish all the runs you have paid for. The session
lasts until you disconnect from our site, or allow the site to sit idle for
20 minutes. You don't want to do either until you have finished. |
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| If you have a comment about these tables, drop me a note at my website. To
return to this menu from my web site click on the "Decision
Aids" link on my site. |
| Jack Guttentag |
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1) Interest-Only Tutorial ($4.00): This tutorial will supply the following information:
- What is an interest-only mortgage?
- For what types of borrowers is it suitable?
- What are the hazards you should watch out for?
- What information do you need to assess an IO mortgage?
- How do you get this information?
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| 2) Interest-Only Tables ($2.00):
These tables are for borrowers considering whether or not to take an adjustable-rate mortgage (ARM) rather than a fixed-rate mortgage (FRM); and if so, which of the many available ARMs to take. The tables show the interest rate and mortgage payment over the term of the loan, for each of 5 ARMs, under 5 different interest rate scenarios. |
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3) Refinance to Save Money Tutorial ($4.00): This tutorial will supply the following information:
- What does "saving money" on a refinance mean?
- Should you finance the origination costs?
- What hazards should you watch out for?
- What information must you have to know if you will save money?
- How do you find this information?
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| 4) Refinance to Save Money Break-Even Tables ($2.00): |
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The tables are for borrowers considering whether or not to incur refinance costs in order to lower their interest rate; and if so, whether to pay the costs in cash or add them to the balance of the new loan. The tables show the "break-even period", the number of months before the savings from the lower rate completely offset the upfront refinance costs. |
