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Originally Posted by irishgrl
Whatever you do people DONT GET SUCKERED IN BY CREATIVE FINANCING!
it is EVIL! ARM's and the like sound really good but people dont take into consideration that rates will rise, and then they are stuck with a house they cant pay for. Some people buy a home thinking they will somehow make the balloon payment at the end of the term and guess what folks? it would take a miracle or incredible restraint (as in putting aside a certain amount every month on TOP of your monthly payment)
I myself got lucky, I got in two years ago, the rates were still reasonable and I got 30 year fixed, w/impound account so I dont have to come up with extra for taxes twice a year. you cant beat it. and I told my broker what my max monthly payment could be and he did it! so..........I predict a flurry of last minute buying.....or not  |
All adjustable rate mortgages aren't bad. I don't like the negative am ones though.