Posted by Stamper_WI on 6/19/06 4:44pm
Msg #126855
Attention Lenders......
Please don't tell folks that an ARM is a fixed rate 30 yr. All the borrower hears is fixed rate and 30 yr. They freak out big time when they realize their interest rate is going to be adjusted throught out the loan, that the "fixed" is only for 2 yrs, etc.
I have also closed many loans that are replacing these kind of loans. The borrowers tell me they were "tricked" into the old one.
This woman today asked me "How the H*** am I going to come up with a $150,000 baloon payment when I am 103 yrs old?". And as they so often do, she cancelled the loan on the spot.
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