Jun 20, 2006

100% Plan

I went to get my watch checked at a local jeweler. I thought this sign was right on. It is a little hard to see but it says, "Try our easy payment plan, 100% down, no monthly payments." Plus, this headline from the Associated Press. Foreclosures expected to rise as mortgages reset. Geez, do you think? The accompanying story is about the rising cost of owning an adjustable rate mortgage. The story quoted "experts" as saying this will happen if interest rates continue to rise. One woman highlighted in the article, bellyaches that her broker told her she would be able to refinance out of her ARM and into a traditional fixed-rate mortgage if need be. Now she finds out she can't. Let's see, some mortgage salesperson, motivated by a commission, predicts the future, ignores her best interests and tells her she is oh so smart, and she believes it. Nothing wrong there. Most of these sweet mortgage deals were sold to people who had no business getting them. Without "creative" mortgage arrangements these borrowers could not qualify for a home loan . They would had been blessed to have been told so in the first place.. Tag:

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