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Author: poohbear111 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127236  
Subject: mortgage question Date: 10/31/2001 7:39 PM
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I have posted to the Fool Boards a few times, and I am currently seeking your knowledge. My husband and I are in the process of relocating, found a home and signed a sales contract. We started working with a lender, and just got our good faith estimate for closing in the mail. On the bottom of this form, when it is outlining the terms of the mortgage, it lists "Option: WILL have a demand feature." We have had three previous mortgages, and all have noted "WILL NOT have a demand feature." We did a little of our own research before calling this lender with our questions. I have found that a demand feature or demand clause can mean various things, from a demand for full payment if you default, or a demand in an increase in interest rates for no reason whatsoever (even on a fixed rate note).

My husband called the lender and asked for an explanation and she said it had something to do with defaulting. My husband asked for this in writing, and she said she'd have to get it from their legal department, and it will take a few days as they are very busy right now.

What does anyone know about demand features?
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