54 ordspråk av Keith Gumbinger

Keith Gumbinger

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If you're the gambling sort, you could get into an interest-only product and bet that the market will build equity for you.

Not only do you not own any of your home, but you may be piling up additional debts that could quickly exceed the value of the home. There are no guarantees that rates will remain at comfortable levels and no guarantee that home prices will continue to go up.

The longer the fixed rate, the more insulated you'll be.

For most home buyers, especially first-time buyers, taking a 15-year (or 20-year) mortgage is out of the question.

[The risk with an ARM is that when interest rates rise, you could end up paying much more than you bargained for.] You're subject to the vagaries of the market, ... You want to maximize the fixed-rate picture to match your time frame.

Mortgage markets have been so flush with cash that home buyers are able to layer one risk on top of the other. It's possible to borrow more than the value of the home, put in no money of your own and pay a minimum monthly payment.

A quarter point here, a quarter point there, and soon you start to feel the pain of significantly increased monthly payments,

If you're a good credit borrower you can challenge fees if they seem excessive.

Most borrowers have some financial cushion so the impact won't be immediate; spending an extra $380 is manageable at first. But it's safe to say there are some who will find themselves in budgetary difficulties a year or two down the road.

If you pay points up front, it's harder to get your money back. When rates are high, borrowers have to pay points to trim rates any way they can, but with rates so low there is really no need to pay those points.

The optimal thing to do is to lock in your interest rate.

If you've already got one set up, you're good to go.

The current expectation is that he'll pick up the baton where Greenspan left it off.

What is new today is that lenders are allowing for the layering of risks on top of one another, ... What we don't know is what if we put all these risks together and put them in a rising interest rate environment, a declining housing market, or a weakening economy.

Fannie Mae and Freddie Mac will even lend 103 percent of the homes value, ... You need to have very good credit to qualify for this kind of loan.

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