MTA Mortgage?!?
I am looking into an MTA mortgage for my next purcahse of a non-owner occ 2 family in PA. I think the starting interest rate is 1% for a year and after that it is adjustable (with the MTA bonds)... I'm not sure what index this is - can anybody help explain this to me? I have a call into my mortgage broker but he is on vacation this week and I was looking for clarification. Anybody else hear of this or better yet use this type of mortgage? Are there payment increase caps on these??
Thanks,
[addsig]
Do you have the margin? or the cap? all that kind of stuff? I have never heard of an MTA loan, however, if you had that info., I could tell you what you re looking at...
Mark