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COSI LOans

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lady05 Joined: 11 Aug 2007 Posts: 1 1.29 Dollars($)	Posted: Sat Aug 11, 2007 9:19 pm    Post subject: COSI LOans Is it possible to have a a COSI Mortgage loan with the 7/5% iinease the first four years and then a balloon payment due in the 5th year where Bank calls in theloan?
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Mon Aug 13, 2007 12:09 am    Post subject: Hi Lady, The Cost of Saving Index (COSI) gives the borrower a sufficient amount of cash for the first five years of home ownership. Though the Cost of Savings Index is difficult to track but it is the least changeable. It means that this type of index changes rarely. The COSI index is calculated after doing an average with the previous 1 year and thus creates a very constant index. So, it is quite likely that the COSI loan will not end up demanding a balloon payment at the end of the loan term.
miller_st Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)	Posted: Mon Aug 13, 2007 4:07 pm    Post subject: If you had opted for a balloon payment mortgage then it is possible that lender will ask for the balloon payment at the end of 5 year term. Normally balloon payments become due at the end of 3, 5 or 15 years. Your loan must be having a balloon payment requirement after 5 years. Read more about balloon mortgage payments from here - http://www.mortgagefit.com/discuss/balloon-payment.html
husock Guest 0.10 Dollars($)	Posted: Wed Aug 15, 2007 10:57 am    Post subject: Quote: Is it possible to have a a COSI Mortgage loan with the 7/5% iinease the first four years COSI is known to be stable index. How is it that there is 5-7% increase in the rate in first 4 years? Give some details about your loan so that we can say what is actually happening.

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