OT..... Mortgage/Loan Question

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01-12-2004 | 10:43 AM

SpeedGirl

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From: New York

OT..... Mortgage/Loan Question

I got a letter in the mail about COFI loans....

Does anyone know about these loans?
Is what the letter says too good to be true?
Should I just throw the letter away and keep paying my mortgage?

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01-12-2004 | 10:44 AM

97BossHammer

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From: Brandon, MS.

I would, I get those stupid things all the time and just chunk them.

01-12-2004 | 12:07 PM

GLH

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From: Burlington, VT

Re: OT..... Mortgage/Loan Question

Quote:

Originally posted by Speed Girl
Should I just throw the letter away and keep paying my mortgage?

Yes

01-12-2004 | 12:32 PM

Playn

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From: BRENTWOOD, TN

Re: OT..... Mortgage/Loan Question

Quote:

Originally posted by Speed Girl
I got a letter in the mail about COFI loans....

Does anyone know about these loans?
Is what the letter says too good to be true?
Should I just throw the letter away and keep paying my mortgage?

It's a Cost Of Funds Index loan. Are you looking for different payment options? I'd keep a fixed rate if thats what you currently have. You could find yourself with an increased loan balance with a COFI after a period of time. IMHO

01-12-2004 | 01:36 PM

hugetime1

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From: Lake George Area NY

I would stay away from that loan but I could do an analysis for you to see if it makes sence for you to refi, with rates the way they are it may make sence, depending were you are at now.

01-13-2004 | 05:00 AM

waterspeed

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From: Greenwich CT USA

COFI (Cost Of Funds Index) is an index average of the 11th District cost of funds to banks. It is a lgging index as compared to Treasuries. These programs are typically short term ARMs (1 month or 3 month)> I have some interesting variations of these, however they are tires to LIBOR and the MTA indexes. Give me a call if you would like o discuss these options as they are not for everyone.

Marcus Z 800-711-5394