With the many foreclosures that are around is it wise to give people a brake on there variable mortgage's. I think there is a need, BUT is that really going to show them the responsibility for making there payments on-time and in full.

We as real-estate agent need to better educate buyer of the advantage's and disadvantage's that come along with variable rate mortgage's. We can't put all the blame on the buyer's, especially the first time home buyer's. Most have no knowledge of how these types of loan's work,and we hope that they are paying close attention when we explain and the mortgage consultant explain the type of loan. Remember when you bought your first home what were you thinking. WHEN CAN I MOVE IN, WHATS MY PAYMENT, WHEN IS MY PAYMENT DUE DATE. They don't think about when there variable rate, that in 2-5 years that rate is going to sky rocket and now most can't make payment. What I tell all my client's that get these type's of loans is to make all payment on time and make them every month. Then in one years time I will call you and start the refi process if they wish, if they don't I then ask why and explain all over again what could happen. Clean any credit issues so that they can get a mortgage that will be affordable for there family. I don't like these types of loan's but some people don't have any other option.

EDUCATE before more people face FORECLOSURE, and we then get a bad name for advising these types of loan's. So if we educate  hopefully the foreclosure rate wont be as high. I love comment good or bad, plus any tips.