Solutions For The Homeowner With A Sub Prime Loan - When Will The Cavalry Arrive?
Posted on February 12, 2008 - Filed Under Finance | Leave a Comment
In California and other high-priced areas, many home buyers purchased their homes with sub-prime loans. This group of loans offered a lower payment structure for two to three years with the hopes of refinancing loan into a more permanent loan structure. Most homebuyers that purchased up until 2004 were successful in doing a refinance with the large appreciation that occurred during that time period. For the homeowner who purchased after that period it has been a totally different scenario. Many have found themselves stuck with a loan that they could not refinance due to declining values and loan products that were no longer available.
Read More..>>Are New Stepped Rate Mortgages Just Delaying The Inevitable?
Posted on December 30, 2007 - Filed Under Business | Leave a Comment
In the UK there has recently been an increase in the number of new stepped rate mortgage products on offer. These products are where the lender offers a stepped phase of interest rates, usually each rate lasts up to a year before you must move up to the next, higher interest rate for the next year. For example, a first year interest rate of 5.99 per cent may be available with a second year interest rate of 6.79 per cent. Usually these type of mortgage products do not charge a fee, making them a very good offer for people coming to the end of a low rate fixed rate deal. 3 or 4 years ago, when interest rates were at an all time low, you could have picked up a fixed mortgage rate in the region of 3.50 per cent!
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