CODI Mortgage?

I'm looking to refinance, and roll my 2nd mortgage and first mortgage into
one. Although I was primarily looking for a fixed mortgage, one loan officer
I spoke with mentioned a CODI mortgage. There are four different payments
you can make (minimum, interest-only, 30-yr, and 15-yr) depending upon your
cash flow that particular month.

It sounds interesting, but after reading the chart I'm still not sure how it
works. It sounds like an ARM, but tied to CD interest instead of t-bills or
whatever. It also sounds open-ended, with no cap on interest.

Can anyone explain this, and any pitfalls that I may encounter. Also, what
questions should I be asking about this type of loan.

Re: CODI Mortgage?

DesignGuy,

You may be looking for a fixed mortgage at this time however an
adjustable loan having low interest rates for a set period of time may
fit your need on the short term. Please reply to
or call 925 708-7194 to discuss your options.
The CODI mortgage could well fit your needs. Let's talk about your
options.

Mykola

Re: CODI Mortgage?

"mykola" <> wrote in message
news:
> DesignGuy,
>
> You may be looking for a fixed mortgage at this time however an
> adjustable loan having low interest rates for a set period of time may
> fit your need on the short term. Please reply to
> or call 925 708-7194 to discuss your options.
> The CODI mortgage could well fit your needs. Let's talk about your
> options.

I posted looking for answers, not a sales pitch.

Re: CODI Mortgage?

The Option Arm is a brilliant way to go to acheive the goals you
stated. If you have not found the help you were looking for let me
know. We have Option Arm programs with rates starting at 1.75%.

Thank you,