I'm looking for a good deal on a mortgage but I don't like giving my social security number, etc. to some random website. Has anyone tried it? Is it safe?
2006-12-15 03:54:13 · 5 answers · asked by Jack 2 in Business & Finance ➔ Personal Finance
Go to my blog and read "Exposing the Unbelievable Mortgage Ads".
http://explaintome.blogspot.com
This is a loan that has negative amortization. Just like a credit card, you'll continue to make the minimum payment but your balance owed will continue to rise until the "new" payment arrangement is made after 1, 3, or 5 years when they jack up your payments.
There is a purpose for every loan product but this is NOT a good loan for first time buyers. Investors use it because they plan on selling the house after that first year. Sometimes people use it if they know for certain that they are going to move and are gambling on house values increasing.
If you want to get a lower payment, consider a 40 year loan. Interest-only loans are good but only if you expect your income to increase since the interest-only portion of the mortgage is usually the first 5-10 years only. You could refinance after that time but who knows where rates are going to be.
If you're a gambler, the most risky I'd suggest is an interest-only loan. Forty-year loans (they are starting to roll out 50-year loans too!) are less of a risk because the payment will never change.
In the end, the answer can only be found by sitting down with a mortgage professional to discuss your options.
If you're in PA, visit http://www.PAmortgagereports.com or email Proj1423@yahoo.com and I'll help you personally.
2006-12-16 13:28:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
My motto is: if they advertise hard, there's something wrong with the product.
By the way, stay away from interest loans and that's probably what it is (very very bad). Go for a standard 80/20 fixed 15 or 30 year. Don't buy the sales hype. You'll end up paying.
2006-12-15 12:03:04 · answer #2 · answered by BiBJ 2 · 0⤊ 0⤋
Please please don't. There is no math based on current interest rates that can make this possible. This is just a teaser rate and will go through the roof within months.
Just to give you an idea, I have excellent credit record and have a mortgage of $275,000 and I pay $2,200 per month. Do the math!
2006-12-15 12:02:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
GOOD GAWD NO... Do yourself a huge favor and don't do business over the internet !
Mortgages are better handled in your hometown with a banker or lender who KNOWS you. Don't fall for that crap !!
2006-12-15 13:39:36 · answer #4 · answered by Kitty 6 · 0⤊ 0⤋
Sounds too good to be true.
2006-12-15 12:01:48 · answer #5 · answered by Darth Vader 6 · 0⤊ 0⤋