Types of mortgage loans. Fixed-rate mortgage. This is a mortgage that has a fixed interest rate over the entire life of the loan. The benefit is that it offers predictable payment terms and the fixed interest rate allows the size payday loans athens ga your monthly payment to stay the same year after year.
Adjustable-rate mortgage (ARM). With this type of mortgage, interest rates change from time to time to reflect current market conditions.
In many cases, the rate remains fixed for an initial period, and then it is adjusted on a yearly basis. For example, with a 31 ARM loan, the 3 in the name indicates that the loan has a fixed interest rate for the first three years. Afterward, the rate is adjusted on a yearly basis, as indicated by the 1.
Consumer groups say the case underscores the dangers posed by the buying and selling of consumers personal data online. The FTC has a target-rich environment for enforcement actions until Congress steps in to rein in their out-of-control sales of consumer information, said Ed Mierzwinski, consumer program director for U.
PIRG, a nonprofit consumer advocacy group. As a result of Tuesdays settlements, the companies Coppinger and Rowland controlled can no longer participate in the lending business and are barred from debiting or billing consumers or making unauthorized electronic fund transfers. Phil Greenfield, an attorney for Rowland, said his client already had stopped his lending activity voluntarily, long before the FTC filed the case.
Rowland fully cooperated in the FTC investigation, and there was no evidence Mr. Rowland participated in, or knew payday loans athens ga, any of Mr.
Coppingers or his call centers challenged lending practices, Greenfield said in an email. He said Rowland accepted the FTC offer to settle the case simply to move on with his life.
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