Or other places where they say you can get really high home loans for what seems to be a very low monthly payment.
2006-10-31 16:13:00 · 5 answers · asked by boomer349 2 in Business & Finance ➔ Renting & Real Estate
Hmmmm.....what happens if you miss a payment?
A house is not your asset. It's your liability.
It belongs to the mortgagor.
2006-10-31 16:22:41 · answer #1 · answered by Smilin' Fred 4 · 1⤊ 1⤋
Whenever you see an AD for a ridiculously low payment, they are referring to the MTA or Pick-a-pay loan. This payment is based off the start rate on your loan. If you were to make only this payment you would have negative ammortization and your principal balance would actually go up. These can be great loans for those who understand them. Lending Tree gives your info as a "lead" to other lenders who have paid to be on Lending Tree's network. Get ready for a lot of contact from them if you give your info! To stay in control, I would contact the lenders yourself instead. Try Eloan, Ditech, and Choice Finance.
2006-11-01 08:09:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Lending tree jsut sells your name to brokers. Be;lieve me. Ive bough tthousands from them. and Uh 90% of banks sell of there paper. And it doesnt matter who they sell it to rates do not change. so you can sign with anyone and every 3 motnhs make the check out to a different comapny. Its jsut how it is. live with it.
2006-11-01 14:55:21 · answer #3 · answered by greg v 1 · 0⤊ 0⤋
High interest rates and you'll be making those low monthly payments for many, many years.
2006-11-01 00:21:28 · answer #4 · answered by Patricia S 5 · 0⤊ 1⤋
And then they sell you contract to someone else and they sell your contract to yet another mortgage company and they keep doing that until you no longer know who you're dealing with. Stick with the bank.
2006-11-01 00:40:04 · answer #5 · answered by valducci53 4 · 0⤊ 1⤋