what is a COSI Mortgage?
by Mortgage Rates on Thursday, November 25th, 2010 | 5 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
This is a little known mortgage option, cause there’s unknowns. The index that the interest rate is following is hard to look up. I would not take this mortgage. A fixed 15 or 30 year is better. If you need to take on an adjustible, try a hybrid 5/1 interest only.
http://www.bankrate.com/brm/news/Drdon/20050916a1.asp
You should leave the purpose of the mortgage as the vehicle to finance your home purchase. I would also doubt about a mortgage that has a high-yield savings account.
As interest rate is increasing, it’s better to opt for fixed rate.
I am a mortgage specialist. What you are saying that you have been told about this COSI mortgage is frightening. I’ve never heard of a mortgage where part of it goes into a high yield savings account. I can put you into a 15 year fixed rate loan at about the same interest rate, and you have the option of paying it off in 10 years if you wish. But it is FIXED. This would be a much better and safer option. Please contact me at wwi_2@yahoo.com and I will explain.
Try the link
Watch out for most adjustable rate mortgages at this time. As interest rates rise, so will your monthly payment. Find a local mortgage broker in this directory: http://www.regionalmortgages.com