


Libor Loans :: Libor Mortgage :: Libor Mortgage Rates LIBOR  London Inter Bank Offering Rates Florida Mortgage Corporation offers a variety of LIBOR indexed mortgage programs. Loan amounts range from $50,000 to several million dollars. Most residential properties in Florida are eligible. LIBOR is an abbreviation for "London Interbank Offered Rate," and is the interest rate offered by a specific group of London banks for U.S. dollar deposits of a stated maturity. LIBOR is used as a base index for setting rates of some adjustable rate financial instruments, including Adjustable Rate Mortgages (ARMs) and other loans.
One Month Libor Loan  The interest rate on this loan is the sum of the LIBOR index plus a margin rounded to the nearest oneeighth of one percentage point, (0.125%). The margin will not change throughout the term of the loan however the index value will be adjusted every month, which will cause your interest rate to be adjusted accordingly. Six Month Libor Loan  The interest rate on this loan is the sum of the LIBOR index plus a margin rounded to the nearest oneeighth of one percentage point, (0.125%). The margin will not change throughout the term of the loan however the index value will be adjusted every six months, which will cause your interest rate to be adjusted accordingly. One Year Libor Loan  The interest rate on this loan is the sum of the LIBOR index plus a margin rounded to the nearest oneeighth of one percentage point, (0.125%). The margin will not change throughout the term of the loan however the index value will be adjusted on an annual basis which will cause your interest rate to be adjusted accordingly. 3/1  3 Year Libor ARM  The interest rate is FIXED for the first three (3) years of the loan term. During years 4 thru 30 the interest rate is adjusted every year to the sum of the LIBOR index plus a predefined margin rounded to the nearest oneeighth of one percentage point  (0.125%). 3/6  3 Year Libor ARM  The interest rate is FIXED for the first three (3) years of the loan term. During years 4 thru 30 the interest rate is adjusted every six months to the sum of the LIBOR index plus a predefined margin rounded to the nearest oneeighth of one percentage point  (0.125%). 5/1  5 Year Libor ARM  The interest rate is FIXED for the first five (5) years of the loan term. During years 6 thru 30 the interest rate is adjusted every year to the sum of the LIBOR index plus a predefined margin rounded to the nearest oneeighth of one percentage point  (0.125%). 5/6  5 Year Libor ARM  The interest rate is FIXED for the first five (5) years of the loan term. During years 6 thru 30 the interest rate is adjusted every six months to the sum of the LIBOR index plus a predefined margin rounded to the nearest oneeighth of one percentage point  (0.125%). 7/1  7 Year Libor ARM  The interest rate is FIXED for the first seven (7) years of the loan term. During years 8 thru 30 the interest rate is adjusted every year to the sum of the LIBOR index plus a predefined margin rounded to the nearest oneeighth of one percentage point  (0.125%). 10/1  10 Year Libor ARM  The interest rate is FIXED for the first ten (10) years of the loan term. During years 11 thru 30 the interest rate is adjusted every year to the sum of the LIBOR index plus a predefined margin rounded to the nearest oneeighth of one percentage point  (0.125%). Interest Only Loans  Libor
Loans
Note: Lenders may use the LIBOR rate either as
posted by Fannie Mae (Fannie Mae LIBOR) or as published in the Wall Street
Journal (WSJ LIBOR) as an index for setting rates of ARM loans. So if your ARM
is based on a LIBOR, the loan must specify which one is being used.
Caps A lifetime cap limits the interest rate increase over the life of the loan. Lifetime caps can vary by lender, but most ARMs have caps of 5% or 6%. A periodic or adjustment cap limits how much your interest rate can rise at one time. Generally, a 6 month ARM will have a cap of 1% while a 1 year ARM will have a 2% cap.
Indexes, margins, caps subject to change depending
upon market conditions. The information is basic only and may not apply to your
specific loan program. 

Start payment rates, interest rates, payment rates, data and program guidelines are subject to change without notice, and are not guaranteed. Deferred interest may apply. APR (Annual Percentage Rate) changes on a daily basis depending upon market conditions. This is a brief outline with basic information only. Other restrictions and minimum loan amounts apply. Borrower should contact Florida Mortgage Corporation for current details and full written disclosures. 
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