Do you know what kind of Loan you have?
By Anthony Longo 27 03 2007Based on a survey conducted by BankRate Inc., an estimated 34 percent of homeowners are uncertain what kind of mortgage they carry. The findings also showed that 28 percent of poll respondents fret about how they will manage to make future loan payments, and 36 percent of those holding adjustable-rate mortgages do not know what action they will take once their interest re-sets.
“Clearly, many homeowners are uninformed about their mortgages,” says Bankrate.com senior financial analyst Greg McBride. More than half of the homeowners surveyed–57 percent–have fixed-rate financing, and 38 percent of those polled say they would shy away from ARM products when purchasing a home in the future.
What type of Loan Do You Have? ARM, Option ARM, Fixed Rate?
[...] Via Condo Blog [...]
I knew that I had a ARM but what I didn’t know was that it would adjust every six months. I was told it would adjust every year. Someone lied and with all the rush and confusion of buying a house all the paper work is to much to read. With all this talk about Subprime loans and people are having to forclose, what can a person do about getting refinanced when you got the ARM because your credit was bad in the first place. Is there help or are we just stuck.