The savings on a 15 Year loan over a 30 Yr. loan are very great. In fact they are staggering. With a three-year fixed period, there is some rate security combined with a low starting and qualifying rate. Timing of interest rate cycles may offer a refinance opportunity. Cash-outs LTV s vary.
Qualification is at the fixed starting rate, allowing for qualification for greater loan amounts.
Cash-outs LTV s vary. Conversion to new rate for additional 23 year term at lender s option. Cash-out LTV s vary. Conversion Is dependent on certain conditions existing at lender s option. Conversion rate will be higher than what you can refinance on the open market at the end of year 7.