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“The Little Red Track”
at The Child Care &
Learning Center
will be given away at The Hunt Country Auction
Saturday, October 3rd
(Truck originally scheduled to
be given away Sept 26)
Real Estate f=>
Eileen M. Day realtor ek-tet
LOAN CAP
PROTECTION
If you plan to finance a home with an adjustable rate mortgage (one that goes up and down with the interest rate at periodic intervals) make sure you focus on the presence or absence of interest-rate ‘ ‘caps”.
Caps are ‘‘security blanket” ceilings. They represent a guarantee from the lender that you will not be required to pay more than an agreedupon maximum rate no matter how high interest rates may skyrocket.
The two most common rate caps are life-of-the-loan and annual. Lifeof-the-loan caps shield you against total rate increases beyond, say four to five percentage points through the entire term of the loan. Annual caps are usually in the 1 to 2 percent range, offering protection against sudden, sharp run-ups.
Remember that these consumer features are optional and valuable. If you are offered an adjustable loan rate without a cap, you should be getting a price break to compensate you for the additional risk.
If there is anything we can do to help you in the field of real estate, please drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone: 6743400. We’re here to help.
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