mortgage: ARM's are BACK....!
- 07/29/09 01:50 AM
As the overall mortgage market has become exceptionally conservative over the past couple of years, so too have borrowers. All you have to do is just mention the word "adjustable" and "rate" in the same sentence and from my side of the desk you will find looks of fear on the other. While it is true that many borrowers bought way too much house with the (ab) use of an interest-only adjustable rate mortgage, the ARM product is still a good choice. For SOME borrowers. Many of my customers will never live in their homes for more than 5 - 6 … (1 comments)
mortgage: DPA (Down Payment Assistance) is gone, 100% is gone....so why am I smiling?
- 10/02/08 08:38 AM
Over the past couple of weeks we successfully closed our last remaining DPA (Down Payment Assistance) transactions and thus the last 100% financing loans.... Possibly for ever? My last two DPA transactions were first-time home buyers, who "needed" the program. They didn't have enough money for a down payment, and these programs allowed them to get into their first home. After closing these loans I have actually felt a slight sigh of relief....actually feeling quite well knowing that for now, and possibly for a long time to come, my customers will need to put some money down when they buy a … (6 comments)
As the overall mortgage market has become exceptionally conservative over the past couple of years, so too have borrowers. All you have to do is just mention the word "adjustable" and "rate" in the same sentence and from my side of the desk you will find looks of fear on the other. While it is true that many borrowers bought way too much house with the (ab) use of an interest-only adjustable rate mortgage, the ARM product is still a good choice. For SOME borrowers. Many of my customers will never live in their homes for more than 5 - 6 … (1 comments)
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