CNN’s New Mortgage Advice

From a CNN article about mortgages:

And next time you want to buy a home with a mortgage, be sure to read all the documentation (footnotes included), ask lots of questions and, Adam said, remember, “when someone offers you a below-market or above-market rate, something is wrong.”

Wait a second. I recall reading articles this time last year extolling the virtues of adustable rate mortgages and interest-only loans. What a bunch of poop.

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2 Comments

Filed under The way the world works

2 responses to “CNN’s New Mortgage Advice

  1. Too many homebuyers don’t get the nuances of all the various financial setups and get into bad situations. Mortagages have become like car loans – whatever it itakes to get you in this house that you can’t really afford! Remember when interest rates were ridiculously low like 5 years ago? Guess what? Now all those people who have 5 year arms and cannot afford those houses now that rates are going up will be getting foreclosed on. Whoopee.

  2. Right. And of course the message from the media is it’s your own stupid fault. Never mind whatever role the media had to play in fueling the real estate market frenzy and convincing people that it’s normal and acceptable to buy a house with no money down, expect to get cash back, and buy a million dollar house for $500 a month.

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