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Article: Online Lender ETrade to Offer Mortgage Rates that Move from House to House.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- June 10, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Douglas Hanks III, The Miami Herald Knight Ridder/Tribune Business News
Jun. 10--An online lender said Monday it will offer consumers the chance to take their mortgages with them when they move.
ETrade Financial's portable mortgage lets a borrower lock in today's rock-bottom interest rates for 30 years without having to actually live in the same home for that long. In exchange, the commitment-phobic borrower would pay a higher interest rate: 5.875 percent, or about three-eighths of a point more than a standard fixed loan, according to The Wall Street Journal.
That catch has critics wondering whether ETrade's "Mortgage on the Move" will ...