Understanding The Issues: Subprime/Housing Crisis

[That Guy]

Originally Posted by firstdown

I would think that most loan officers handle things like you but the post here make it seem like your only % of loanofficiers and most are slime.

With an ARM does the person have to qualify for what the estimated rate will change to when the ARM is up?

Also where are you located? The call on my comercial loan is comming up and I'm going to need to refinance my building in two months.

most of the ones i know aren't slime. generally the loan officers at real estate offices are helpful.

the slime balls (like american mortgage i think) were just a group of unassociated brokers and their only revenue stream was screwing people over. all of those offices are closed now, though that doesn't mean every broker is going to be looking out for you.

the only time you'd ever really consider neg am is if you were in a bubble/speculatory market where you thought prices would double in a year or two and you could use them to buy in without a lot of cash on hand. even then it might not be recommended to over-leverage oneself like that.