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ARMs, Interest Only, and the "Mortgage Crisis"
With all the talk of a potential government bailout for the current situation with the increase in foreclosures and short sales, I have some concerns. First off I will say that I have true compassion for those who have had their incomes drop due to the current economic situation, and are trying to provide a home for their families. I feel for those who were coerced into "getting in over their heads" and sold ridiculous loans by lending institutions. Also I regret that some in the real estate and mortgage industries took advantage of lax regulations and the public's ignorance of those industries. Some of my thoughts: If I personally am looking at homes and could get a 5.5 - 6.0 % 30-year fixed conventional mortgage, but I had to go with an interest only / adjustable product to afford the payment, I AM SHOPPING FOR SOMETHING I CANNOT AFFORD!! If I am buying a home to live in and I am planning on relocating in two or three years - I SHOULD BE CONSIDERING RENTING. If I hear a lender's representative say "just refi in 2-3 years before the rate adjusts" and I live by that advice, I AM GAMBLING. The four main causes of this current crisis, in a nutshell: 1. Lack of regulation and oversight in the mortgage industry 2. Greediness 3. Peoples' desire to jump on the (real estate) Bandwagon 4. Ignorance |
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Added by virginiabeachrealestate on April 8, 4:13 AM.
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Crawled [11/30] - We promised all users participating in the Sticker Mania Promo ...
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