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I requested I/O 5yr ARM. Why do the quotes include principle payments

  • May 19 2010 - Los Angeles
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Answers (5)

We serve Union Bank's niche, with their products and with other major bank and portfolio lenders. As you can see, I'm CA Jumbo Loans. .... Happy funding, Rudi
  • May 21 2010
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A lender giving a quote has to check a box to make it for Interest Only. 
Many lenders give automated quotes and there are very few lenders that offer interest only loans now.  My bank is the second largest in the USA in interest-only dollar volume.  90% of my quotes are jumbo interest only because it is our niche.

  • May 21 2010
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It may say P&I, but have you done the math to see if it's just interest? even on the 1003 and the old GFEs it said P&I even when it was just interest
  • May 19 2010
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Profile picture for wetdawgs
Perhaps you are interested in an interest only loan rather than an ARM. 
  • May 19 2010
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The quotes are automated.  None of the loan officers pay attention to what they quote.
  • May 19 2010
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