From Marketwatch:
Are you at risk with your adjustable-rate mortgage? More borrowers than originally thought may soon find themselves suffering payment shock. The great fear: Rising interest rates and falling home values.
Most concern stems from mortgages with adjustable rates and more than one payment option, or “option ARMs.”“People who got these things in the last two or three years are suffering from payments that are almost doubling,” says Brian Mildenberg, predatory lending and consumer protection attorney with Mildenberg and Stalbaum in Philadelphia.“Option ARMs” generally let you purchase homes at below-normal interest rates and payments. The problem: Some 70% of these borrowers are believed to be making only the minimum monthly payment.This is fine in certain circumstances, such as if you’re only going to be in a home a short time. But it can lead to astounding payment increases later on. The question is whether borrowers fully understand just what loan they have and how it works.
Grim – FYI: National Association of Realtors link takes you to (how ironic!) the NATIONAL ASSOCIATION OF ROCKETRY (www.nar.org). Real estate MAY have been a rocket for quite a while, but I don’t think it will return to earth safely … ;-)
Thanks Sal, I’ve made that mistake more than once.
jb
The font is too small for the replies. How can we read anything?
lostinny,
Can you email me please? I’d like to work through it with you since I’m not seeing the font size issue.
jb
lostinny,
Try changing your “Text Size” under the “View” menu. I think that may fix it.
I think Randy is correct, but I’m trying to find a workaround that keeps the size of those fonts fixed.
At the top of your Internet Explorer window hit “View”. Scroll down the menu to “Text Size”, and verify that it’s set to Medium.
jb
First comment of mine on the new blog