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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Beware the mortgage trap
Today's mortgage market offers more choices than ever before to home buyers and homeowners looking to refinance. Aside from traditional 15- or 30-year fixed-rate mortgages, consumers now have options that include interest-only loans, balloons, 80/20 or "piggyback" loans and option ARMs. The availability of so-called "exotic mortgages" has allowed more people to buy homes. Homeownership now stands at 68.9 percent, up from 65 percent in 1996, according to the U.S. Census Bureau. But creative financing also has trapped some consumers into buying homes they cannot afford. Many such loans feature rates that adjust after a period of time, leaving homeowners accustomed to low monthly payments unable to keep up once they rise. Like Moore's cousin, more and more homeowners are finding they have to bail out. Foreclosures in Delaware jumped by 36 percent in 2006, according to RealtyTrac. A study in June by the Reinvestment Fund showed Delaware foreclosure filings increased 52 percent between 2000 and 2005. Housing counselors and loan advisers say exotic mortgages are fine for savvy investors who understand them. "The bottom line is to make sure that consumers have an understanding of mortgages," says Deputy Bank Commissioner Gerry Kelly. "You really want an understanding of the documents you're going to look through." For more information on this and other real estate matters, your first source for Palm Beach real estate should be licensed agent and long-time resident Caesar Parisi. click here for article |
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