Foreword
Whether one is making a first home purchase
or buying a fifth one， there are more choices today than ever
before. There are new choices of homes. Beyond a new traditional
detached single family home， home buyers might consider a
condominium， a townhouse， renovating an older urban home to
its previous splendor， building a dome， a log home， or a
\"futuristic\" structure complete with energy efficient and
computerized systems.
There are also many choices of financing for the home. The
fixed-rate mortgage is no longer the only type of mortgage a
lender will offer to finance a purchase. New types of mortgages
are available today giving a variety of interest rates， maturities
and other terms which may fit an individual s financial pattern
even better than a 30 year fixed-rate mortgage.
The growth in choices is the direct result of dramatic changes
in the mortgage finance industry. With the passage of the Garn-
St Germain Depository Institutions Act of 1982， financial insti-
tutions gained the means of diversifying their financial services
and strengthening their organizations to withstand the effects
of high interest rates. Many restrictions on mortgage lending
were lifted by the legislation.
At the same time， many investors became interested in buying
mortgages from institutions which originate loans to home
buyers. Their interest spans the full range of mortgage instru-
ments from ;t0 year fixed-rate loans to the newer adjustable-rate
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