By: Sayjack

Sayjack — Sat, 07 Jun 2008 04:43:29 +0000

Yikes!!! Hold on for a second. Advertising a 40 year mortgage as a
way to save money for things you like is not necessarily deceptive
marketing. I agree with you entirely that we should get the house
we can afford and to pay it off as soon as possible to keep the
total cost down, but you have to remember that 30 year mortgage
came about early last century so the "average" man could get into
and eventually payoff what would be considered a descent size home.
With home prices rising to new heights so fast over a short time,
the advent of a means to make more affordable payments on a home
that a family can fit into may be justified. I've seen 50 year
mortgages advertised, so times are a definitely changing. Look, let
me just say again that I agree with paying off a mortgage, or any
loan, as quickly as possible. I myself will be paying off my 15
year mortgage in under 13 years. BUT, home buyers have to educate
themselves about mortgages and how they work. I became so
interested in mortgages that I got my mortgage broker license last
year (no, I'm not going to try and advertise my service) and
realized that with enough shopping, the borrower can structure a
deal in many different ways that suits his or her needs. Adjustable
Rate Mortgages are not the evil entities they are made out to be in
the media and not all mortgage brokers and bankers are slick double
talking salesmen. Borrowers have to be held responsible for the
decisions they make when it comes to something this important. The
best advice I can offer is to shop, shop, shop around. Do some
research, decide on the terms you want and then get on the phone
going from one broker or bank to another. You'll be surprised that
it is you that holds all the cards in this game.

By: net debt

net debt — Thu, 05 Jun 2008 20:25:07 +0000

renegotiation is a good option

Comments on: Mortgage Lenders Play the Monthly Payment Game

By: Sayjack

By: net debt