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printable form 3522 2019 voucher form

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This amount may change. MULTISTATE FIXED/ADJUSTABLE RATE NOTE ONE-YEAR TREASURY INDEX Single Family Fannie Mae Uniform Instrument Form 3522 1/01 page 1 of 5 C Monthly Payment Changes Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I must pay. FIXED/ADJUSTABLE RATE NOTE One-Year Treasury Index Rate Caps THIS NOTE PROVIDES FOR A CHANGE IN MY FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE* THIS NOTE LIMITS THE AMOUNT MY...
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- [Voiceover] What I want to do in this video is explore the mechanics of a typical adjustable rate mortgage, often known as an ARM, and then think about and wonder what situations could this be advantageous and in which situations might not this be the best scenario for the home buyer. So let's just first think about the mechanics, and to do that I will draw a little bit of a timeline. Let's say on the vertical axis this is going to be your interest rate, this is in percentage terms. That's one percent, two percent, three percent, four, five, six and it can higher than that even. Let's say this is the time axis. This right over here is the time axis in years. That is one year, two years, three years, four years, five years and maybe we'll go six years out. Before I even plot the adjustable rate mortgage, let's think about a fixed rate mortgage. If I had a fixed rate mortgage, it is exactly what the word implies. The rate is going to be fixed. On a fixed rate mortgage, where the fixed rate mortgages are at the time you get the loan, based on the type of loan you're getting and your credit score, let's say you get a four percent fixed rate. So that means over the life of your loan, your loan is going to be at a four percent. Whatever you have to pay on your principle, whatever principle you have left over every period you will pay an equivalent of a four percent annual rate. And we've gone into some depth on that in other videos, where we talk about 30 year and 15 year and 10 year fixed mortgages. And you might be saying "Wait, I thought "as time goes on I pay down more and more principle, "which means that each of my payments, "less and less of it goes to interest. "So it doesn't feel like my interest is changing." And there's truth to that, the dollar amount that you're paying towards interest with a traditional fixed rate mortgage does go down every month as you pay down more and more principle. But the interest rate, the rate that you're paying on the principle that you have remaining, is going to be constant. In this example, it would be a constant four percent. Now what about an adjustable rate mortgage? As you can imagine, that means that the mortgage is going to adjust. So an adjustable rate mortgage might start at two percent, and that might look really good, but the way that the deal will work is, if short term interest rates were to increase, the adjustable rate mortgage will increase as well. So there could be a reality where if short term interest rates increase enough, the adjustable rate mortgage interest rate, or rate, might be even higher than the fixed rate mortgage. And if interest rates were to go dramatically higher, that depends on if there are caps in place and whatever else, this rate could grow dramatically higher. What do I mean by all of that? And what do I mean by "What if short term interest rates were to go up?" When you have an adjustable rate...
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Please select a version for Fillable Fannie Mae 3522 form
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  • 2001 Fannie Mae 3522 Fillable
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