Home : Blogs : Leah Ross ~ Tampa, Florida Mortgage : Tampa Mortgage Blog

Adjustable Rate Mortgages - The Scary Reality

Did you know there are trillions of dollars in adjustable rate mortgages that are going to adjust this year alone? An even more frightening piece of information is that 1 in 2 homeowners do not know what type of a mortgage they have and worst of all, nearly 2 million homes will go into foreclosure because of these adjustable rates mortgages.

There is no doubt, we all know someone who will be affected by an adjustable rate mortgage. The key is protecting those people's homes through education. Homeowners who currently have an adjustable rate mortgage should be making consultation appointments right now to determine what their mortgage options are before they have a payment recasting.

Most lenders (myself included) will offer a FREE mortgage consultation. As we all know, education is the first step to a life long relationship built on trust.

mortgage lender

Posted by Leah Ross ~ Tampa, Florida Mortgage on 05/15/2007 02:14 PM

Comments (9)

adjustable rate mortgage, mortgage payment, consultation, tampa, florida, foreclosure, mortgage, refinance

This post has been included in Florida Information Hillsborough County, FL Information

9 Comments on Adjustable Rate Mortgages - The Scary Reality

MAY

2007

Leah,

This is a great article about Adjustable Rate Mortgages. Scary to think how many may actually LOOSE their home because of not having a knowledgeable consultant to help them make good choices.

Katrina

Thanks Katrina!!

People need to refi now. They do not need to wait for the loan to start adjusting.

Dave, you are right, now, how do we educate the public?

Leah - great post. You are so right!

P.S. I look pretty in pink :-)

Leah,

Cute graphic and scary reality of adjustable mortgages in this marketplace.

Jack

MAY

2007

Leah---GREAT POST!! How true...how sad...I hope they find YOU to do a RE-FI before they are headed into foreclosure!! PS...I forgot to give you that lady's name about the down payment assistance program at the BRO 1/2 day! I need to send you an email...

Great post...

unfortunately I think we will end up with regulation as the industry could not contain itself. I personally would like to see all loan originators be forced to hold for five years and loans greater than 3X the buyers income. ...yes I believe ...unfortunately we need to protect people from themselves...

Have I grew up in Tampa! Go Chamberlain Chiefs! C/O '90

The ARMs that are sub-prime loans that are adjusting this year are going to contribute to a substantial increase in the foreclosure market. Most sub-prime loans have a first adjustment cap of 3%, as opposed to the 2% of a conforming ARM.

Naturally, most of them will adjust the full 3%. This is going to have a tremendously negative effect on the customer's ability to repay.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?