I see, so the higher payments after the reset are not affected by the current low interest rates. These are two separate issues?
Quote from ralph00:
Its not that simple w/option arms. The rate is what the rate is - which is currently quite low. The resets refer to the fact that at some point, foiks will no longer be allowed to make just the minimum payment each month (which is often less than an interest only payment), but will have to pay full interest and principal. This could double the monthly payment and send many into default.
Quote from Casey Clarice:
I'm looking to buy a house that needs a good amount of work. I dont have extra money to pay for the remodeling. But I have read that i can possibly get some sort of home improvement mortgage that will give me extra money to fix up the house. Rather than buying the house and then having to get a reappraisal and then a home equity loan.
banking offers
Quote from Hombre:
If you can't do remodeling by yourself it it a very bad idea to buy a house which needs repairs . Too many things can and will go wrong and you might and will encounter some rip off artists contractors who'll make your life a living hell.
Don't do it..