Does anyone know anything about a CODI mortgage?

[emmagata]

I'm in a position where I need to refinance (divorce )
and got some paperwork on a CODI mortgage which sounds like it
would suit my situation.

Anyone have experience with this type?

Thanks!!!

 

[emmagata]

shameless bump

 

[Hillbeans]

I've heard of a COFI mortgage, where the finance charges fluctuate depending on the year, etc.

We had a COFI mortgage a few years ago on our first house - before the rates came way down. It was on some kind of sliding scale...one year you pay 6%, the next 6.2%, the next 5.9%...it's a good mortgage to have if you don't want to mess with ever refinancing. I wish I knew more about it, but try COFI in google.

 

[Bob Slydell]

http://www.bankrate.com/brm/news/DrDon/20031119a1.asp

That's the best explanation I've found about a CODI loan -- but I don't have any specific experience with it, sorry.

 

[emmagata]

Thanks Bob, I've read that already.

Hillbeans, I've also read about COFI loans as well which are similar.

I just talked to the guy again after some questions popped up and it still seams that it's well suited for me given my current situation.

Thanks.