With all the media buzz on subprime loans and foreclosures you might want to check out information on the various types of loans that are available. Whether you are thinking of buying or refinancing a home in Manhattan Beach, Hermosa Beach, Redondo Beach or El Segundo the following information will be helpful. If you are considering an adjustable rate mortgage that is fixed for say 5 years... then you want to be sure that the rate is indeed fixed for the time frame of the note. Sometimes the payment can stay the same while the note rate will begin moving upward sooner then you expected. This can lead to negative amortization and you could wind up owing more then your original loan amount. Ask questions and if you are not satisfied with the answers... consider finding another lender.
2 comments:
An exciting business. The Senate Banking Committee is finally getting involved. Only a little late.
Good posting. - Robert
On one hand you don't want
the FEDS too involved and yet you don't want to see so many bad lenders continue.. it's a problem
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