nes: WHATCH REFINANCING! BE ALERT!!
- 02/12/07 03:12 AM
In the past 5 years, many consumers acquired 100% financing, Interest-Only, short term fixed rates that become ARMS and Negative Amortization loans. These consumers are now feeling the tightness of the increasing rates on the ARM market. Many consumers have purchased higher priced homes and attained these "lower payment" mortgages to be able to afford them. Now, rates are increasing and so are thier minimum payment requirements. So, these homeowners are in a very difficult situation. Since there has been literally minimum growth of equity in homes in the past year, these consumers are not able to refinance into a more … (1 comments)
In the past 5 years, many consumers acquired 100% financing, Interest-Only, short term fixed rates that become ARMS and Negative Amortization loans. These consumers are now feeling the tightness of the increasing rates on the ARM market. Many consumers have purchased higher priced homes and attained these "lower payment" mortgages to be able to afford them. Now, rates are increasing and so are thier minimum payment requirements. 
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