Map of Misery
News:
Median vs. Mean Top ten markets
Coming Soon:
Business week did a nice map on Sept. 11th 2006. It is a bit prophetic and shows what happens when a loan product not meant for the masses is sold to the masses, the article it is supporting is Nightmare Mortgages. It goes hand in hand with the Home Prices across America interactive map that the New York Times did Feb. 27th 2008.
These products are not “evil”, but people have used them irresponsibly to extend their price range which is usually how they are sold. It is ok to stretch if you know (not think, but know) that you will have extra income in the future (such as a doctor is residency program or a couple where one is in graduate school and will be employed within a short time frame). It can also be good for someone who knows (not thinks) they will be moving in a few years as the starting interest rate is usually much less than a standard fixed rate and often the prepayment penalty expires after a year. In a standard fixed rate loan your first few years are mostly interest anyways.
For more information on this type of loan please visit www.mortgage-x.com
Questions?
email shannon@moderealty.com
