Mortgages Made Simple with Rick Gundzik

Sunday, March 2, 2008
Mortgage Rates as low as 1%, Mortgage advertising explained - March 2, 2008
Is there really a no cost mortgage, when is a fixed rate loan not really a fixed rate and is a 1% fixed rate mortgage for real? In this encore episode 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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