Subprime mortgage rules getting tighter.
It’s going to be harder and harder to get a mortgage if you have a low credit score, no down payment and the monthly bill will be a high percentage of your income. With …
Mortgage companies got drunk and now they will pay.
Some facts about the mortgage market from the Wall Street Journal:
• About 80% of subprime mortgages today are adjustable-rate mortgages, or ARMs, that have been nicknamed “exploding ARMs” because they have low fixed-interest payments in …
Banks pulling back from “80-20″ mortgage loans
During the last few years, banks went on a feeding frenzy and started making the kind of loans they always said they would never make. Now they are pulling back. One of the …
Watch out for clever “Bait and Switch” on mortgage rates.
While doing some web research the other day, one of those pop up ads promised me a mortgage of up to $375,000 at a very low payment. It did not mention the interest rate, …