Unscrupulous Mortgage Brokers
Snip…
[The number of unscrupulous brokers offering "junk mortgages" has multiplied with the housing boom and advent of Internet financing in the past five years, said David Levine of Mortgage Loan Request, a mortgage information service.
Their advertisements "are designed to hit consumers where they are most susceptible, their wallet."
They are often successful, because many consumers never see or understand the fine print -- often on the back of the flier -- that explains what a bad deal the mortgages can be, he said.
"The sleight of hand is that the low rate advertised is actually adjustable, and it can increase in as little as 30 days' time. You may be paying less every month, but your interest is not being paid up and your loan balance continues to accumulate at an alarming rate," he said.]
Full Article
[The number of unscrupulous brokers offering "junk mortgages" has multiplied with the housing boom and advent of Internet financing in the past five years, said David Levine of Mortgage Loan Request, a mortgage information service.
Their advertisements "are designed to hit consumers where they are most susceptible, their wallet."
They are often successful, because many consumers never see or understand the fine print -- often on the back of the flier -- that explains what a bad deal the mortgages can be, he said.
"The sleight of hand is that the low rate advertised is actually adjustable, and it can increase in as little as 30 days' time. You may be paying less every month, but your interest is not being paid up and your loan balance continues to accumulate at an alarming rate," he said.]
Full Article
posted by Little_Silvered at 6:26 PM
1 Comments:
Personally I do not agree, but that is ok right :0).Several good comments, I am tired and need to finish up my article about adjustable mortgage one rate year.A Newbie,adjustable mortgage one rate year.
Post a Comment
<< Home