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Interest Rates

What is an interest rate buy down?

What is an interest rate buy down?

When I was in the mortgage banking business years ago, I briefly worked in the joint venture department. The bank would partner with builders in housing tracts or condominiums. Rates had escalated, and the profit potential diminished. As an inc...

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Rising Mortgage Rates

Rising Mortgage Rates

In the late 1970s, I worked for Los Angeles Federal Bank at One Wilshire in LA. The primary loan was a single-family fixed-rate loan with a 30-year term. Many of the loans had a prepayment feature. If you paid the loan off before a specified pe...

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