Mortgages Made Simple with Rick Gundzik

Sunday, November 18, 2007
November 18, 2007 - Read those Mortgage Ads carefully
Is there really a no cost mortgage, is a 1% fixed rate mortgage for real? This week we discuss the 3 most common mortgage advertisements currently being broadcasted Mortgages Made Simple logoon television and the internet.
1) The no closing cost loan...what is the catch? Are there really no costs?
2) The low fixed rate loan that sounds too good to be true. It's most likely an adjustable rate loan.
3) The ever prevalent 1% adjustable rate loan which is always advertised by quoting the low payment you'll be making.

We explain how the loans work and why the ads are deceptive. We also give you a handy link to the Federal Trade Commission's checklist on what to look for in mortgage advertising.

Show notes:
FTC Mortgage ad checklist

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posted by Pac Res @ 10:45 AM  
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