The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Les H who wrote (96113)	12/3/2007 1:26:12 PM
From: Perspective	Read Replies (1) of 306849

Chat w/ quicken loans rep: David Altesleben: Hello Bob! David Altesleben: Welcome to Chat! David Altesleben: Are you looking to refinance? David Altesleben: Or purchase? Bob: Hello, David. I'm just trying to figure out what interest rate index your 5/1 ARM is tied to, for a home purchase. David Altesleben: It is tied to the LIBOR. David Altesleben: Have you found the home you are looking to purchase? Or are you still hunting? Bob: OK, why is it so tough to find that out on the website? Is there a way to find that info myself? Bob: We are house shopping, David Altesleben: The LIBOR is the default index used in the mortgage industry... Bob: I keep hearing that rates are falling, but that doesn't sound like it's true for LIBOR-tied ARMs. David Altesleben: If the loan is tied to something other than the LIBOR, for example the COFI, it is disclosed. David Altesleben: The rates on the fixed rates have been falling... David Altesleben: ARMs are not very attractive vehicles for investors, and as such, you will not see any decrease in pricing. David Altesleben: How soon are you looking to purchase your home? `BC

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