I Found this out in cyberspace and I found it alarming to say the least. People, if you don't understand something about your mortgage ASK!!!! This is the biggest investment in your life and you need to know what you are getting into! If you are pondering a property purchase or refinance then call me. 310 709 8283. Even if you already have a deal on the table in front of you and just want a second opinion, I will be happy to assist and give my two cents. I have done over 150 loans personally in the last five years so I know what's good and what's not-so-good. The trick here (and in all walks of life, I am learning) is to COMMUNICATE!!!
The Federal Trade Commission , in a recent study called “Improving Client Disclosures” said:
87% of borrowers could not identify their “up-front” costs.
68% were unaware of prepayment penalties.
21% could not identify their required monthly payment
And 20% could not identify their loans APR.
Thousands of adjustable loans are resetting in the next few months. For some there will be huge “sticker shock”.
I would be happy to look at your note, at no cost, and advise you as to how it’s performing.
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