Patent ID: 7647272
Filing Date: 2010-01-12
Classification: G06Q

Abstract:
1. A computer-implemented method for controlling a system to provide a mortgage, said method comprising: receiving a fixed payment for the mortgage, the fixed payment being based on an initial interest rate serving as a maximum interest rate, the initial interest rate being based on a current interest rate; qualifying, when the current interest rate has declined, a first revised interest rate for an outstanding balance of the mortgage based on information retrieved from an electronic database, the first revised interest rate being lower than the maximum interest rate, wherein qualifying includes determining, using a computer processor, the first revised interest rate and evaluating a loan to value ratio, an appraisal of a property, and a credit history; determining, when the current interest rate has increased and using the computer processor, a second revised interest rate for the outstanding balance of the mortgage, wherein the second revised interest rate is greater than the first revised interest rate and does not exceed the maximum interest rate; determining, using the computer processor, a principal and interest amount based on at least one of the first revised interest rate and the second revised interest rate; determining, using the computer processor, a difference between the fixed payment and a sum of the principal and interest amount; and reducing a principal balance of the mortgage based on the difference, wherein the current interest rate varies over time.