| 摘要 |
A computer-based method and system (100) for controlling the mortgage rate charged to a mortgagee as a prevailing mortgage rate drops. Using an Automat ic Rate Cut (ARC) mortgage, a customer's interest rate may be reduced without going through a traditional refinance process. The ARC Loan offers a model o f financing for both purchasing or refinancing property (e.g., a residence). Once the customer has been in the program for a specified period since settlement date, the interest rate can be modified down provided that intere st rates have declined since the customer entered the ARC Loan. Secondary conditions can also be used to determine if the mortgage qualifies for a rat e reduction. |
