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Inez B | Got a mortgage refinance quote: Too good to be true? |
A mortgage broker quoted me a refi of $235K with adjustable rate loan at 1.2%, and the monthly payment can increase by only $77 per year. Does this sound too good to be true? |
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debbiemaedke
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Find out what portion of the ACTUAL principal and interest payment you are making. I'll bet it is one of those loans where you are only pay part of the actual payment and the part you are not paying is tacked on to the loan amount. Is it an interest-only loan? So when you later go to sell, that $235k mortage you were thinking you were paying off has increased and in reality you now owe the bank $255k.
I may be wrong about your loan offer but there are a lot of these loans as I've described being sold right now, so I'd ask. Sometimes people will take a loan as I've mentioned above because it will get them through a rough period and allow them to remain in their home, but what is important is that you are aware beforehand of what is really going to happen to your principal. |
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bostonianinmo
 |
Way too good to be true!
I'll bet dinner at Ruth's Chris or The Chop House that it has a negative amortization feature. In other words, your balance will actually INCREASE each month, not decrease.
This type of loan has been illegal in TX for over 17 years. A few other states are wising up to the dangers in this type of loan. Personally I think that they should be banned at the Federal level as contrary to Common Law and contrary to the public interest. |
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Felica C
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Oh, it's probably true - but the catch is that it's only the nominal rate, and your payments are only calculated AS IF that were your rate. The real rate on this loan - the rate they are really charging you, by adding the difference to your balance, will be at least 7.25%.
This is a negative amortization loan. You might try running that term through the search engine of your choice, or if you don't want to sift through all of it, go to
http://www.searchlightcrusade.net/posts/...
and
http://www.searchlightcrusade.net/posts/...
and
http://www.searchlightcrusade.net/posts/...
and
http://www.searchlightcrusade.net/posts/...
For all kinds of good information on the problems with this type of loan.
Businessweek also (finally!) did an article on them here
http://www.businessweek.com/magazine/con...
But if you afford a real loan, they are available in the high 5 percent range. 30 year fixeds from about 5.875. And if you cannot afford a real loan, chances are pretty high that you either should not buy or should sell if you already have. |
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Walter
 |
Your mortgage balance will grow. This is a Deferred Interest Loan, or Negative Amortization Loan, or Neg-Am. Your minimum payment is only covering part of your interest, the rest of the interest is added to your loan balance every month. It worked great during double digit appritiation in Real Estate prices, but not today.
Another feature of this loan is that once your balance reaches 115% to 125%, depending on the program, you will lose your 1.2% pay rate, and will have to make your monthly payment at whatever your rate is going to be at that time.
This can only work for you if you undersand it completely. |
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marcos
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That rate does exist as a pay rate not an interest rate. However, this loan program can cause your mortgage balance to increase through what is called negative amortization. When you opt to make the minimum payment derived from the 1.2% start rate, the diferrence between that payment and the interest only payment, will be added monthly to your balance. In other words, the 1.2% rate is not your true rate, it is pay rate. Your true interest rate is composed of an index plus a margin and is called a fully index rate. Check with your broker to find out what this fully index rate is. The higher this rate is, the more you will be deffering towards your principal balance on a monthly bases. |
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karenmartinsville
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Read the fine print,,,,,,,,,,,,,,,,,,1.2% starting rate, maybe. but I'm sure the adjustable, is based on prime + what ever you lock in at. or you are looking at one of those new loans were you only pay a % of your payment, which means you end up owning more than you borrowed after paying 15-30 years.
READ READ READ the fine print, then seek advice from another mortgage professional |
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Phoenix
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Too good to be true.
First, it is an adjustable rate so while the monthly payment can go up only $77 / mo / yr, the rate can keep going up.
And you will experience "negative amortization". The principal ($235K) can and probably will go up, because the accumulated interest will add to the principal. The payoff will probably be longer than 30 years. (It's based on a 30 year term, right?)
I wouldn't do it. Look for a better deal. |
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oldcorps1947
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Please check out the company there are a number of scams on refinance going on across the country, some in which people have lost their homes.
The lowest rate I have seen from a reputable company was 3.5 % ffixed rate.
Be careful also of very low rate quotes, they are often good for only a few years or all your payments are for interest only--no payoff date. |
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