What is the name of your state? TN
Hi guys, I actually have a question! In the wake of all this mortgage/subprime/foreclosure crap that is going on, I got sorta freaked out about my own loan.
In my previous homes, I always got loans through my own bank. This last house I bought in 2006 and for the first time used a mortgage broker company and had a horrible experience with them. But that is all in the past and everything is moving along nicely - as far as I know.
I have 2 loans through Wells Fargo (I essentially financed my house at 100%).
1) first loan was for 80% of the value of my house and the settlement statement says for type of loan "conv. unins." and the truth in lending statement says interest rate "6.5% GUARANTEED" and then it says for variable rate "your loan does not contain a variable rate feature."
2) second loan, also with Wells Fargo is for 20% and the settlement statement also says for type of loan "conv. unins." and then there is a "Fixed Rate Loan Note (partially amortizing --Balloon)" page (which I know this loan is amortized at 30 years with a balloon payment due at year 15, that's fine I will have it payed off in 5 years and there is no prepayment penalty). Then the truth in lending statement says annual percentage rate 8.47% but nothing says its guaranteed or fixed or variable, no mention at all. I was told it was fixed and the other document is titled "Fixed Rate Loan Note".
Basically I'm just scared about what type of loans these are, I don't want any scary surprises in year 2 or 3 of the loans. I have no PMI and I pay my insurance and taxes directly, there is no escrow.
Please experts tell me my loans are fixed and fine!
Thank you very much!
12-19-2007, 03:45 PM
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