Systems and methods for providing an adjustable rate mortgage with a fixed monthly payment
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United States of America Patent
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Jan 12, 2010
Grant Date -
N/A
app pub date -
Dec 10, 2003
filing date -
Dec 10, 2003
priority date (Note) -
In Force
status (Latency Note)
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Abstract
Systems and methods are described for processing mortgage payments. In one embodiment, the method includes receiving a fixed payment for the mortgage, such fixed payment being based on an initial interest rate, with the initial interest rate serving as a maximum interest rate; determining a principal and interest payment amount based on a revised interest rate, the revised interest rate not exceeding the maximum interest rate; determining a difference between the fixed payment and the determined principal and interest amount, so that any difference may prepay the mortgage.
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