if loan was only originated in 2021 and rate is reset now

if the loan was only originated in 2021 and the rate is resetting now, it is most likely a bridge loan, 

most of the time, if the loan was originated and serviced by a local bank, most of them are 10-15-year term but rates will reset every 5 years if the loan originated by Fannie/Freddie, it can be 7/10/12 year term and the rate doesn't change thru the course of the loan.

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• it is bridge loan for value add quick turnaround -pega- ♀ (0 bytes) () 04/11/2023 postreply 13:06:12