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"You Having an Escrow Service in Your Office"
"Dear Cristine, Your having the Escrow Service next to your office is very time saving and helpful in the closing of your listed properties. We want to thank your staff in helping us with the closing papers on our new home in Payson, Az. This service saved us from having to make a special trip to Payson, Az. In closing, we want you to know how pleased we were with the sale of our home and would recommend you and your staff to everyone we know for providing such wonderful service in the sale or listing of property."
Mr. and Mrs. Nahmensen, Vista, CA
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Financing Your Home >The Margin on an ARM When you are shopping for an Adjustable Rate Mortgage, the important thing to consider is the margin. Each time your loan is adjusted, the new interest rate will be tied to an index of Treasury notes. The margin is the percentage point above that index where your rate will be set.
Let's suppose that you have a one-year ARM with a 2.5 margin. Your initial rate was 7.5%, and during the first year of the loan, the index of 1-year Treasury notes was at 6.25%. The rate for the second year of your loan would be adjusted to 8.75%. With a margin of 2.75, it would increase to 9%. Some lenders offer lower initial rates with higher margins. In this case, the subsequent rates could be higher after the first year, than if you chose a higher initial rate with a lower margin.
If you are confused by the various mortgage offers, ask a professional mortgage broker to sit down with you and show you how it works. Today the rates and different financial possibilities are so variable that it is a good idea to talk to a mortgage broker--they usually know where the best rates can be found.
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| Q |
To what process do the terms closing, escrow, settlement and passing papers refer?
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| A |
These terms, which vary in different parts of the country, describe the conclusion of a real estate sale. |
 See More Real Estate Trivia > |
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Title Insurance
What is Title Insurance and Who needs it? Progressive Title Protection for the Homeowner provided by Commonwealth Title Insurance Company.
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