Don't be confused or misled when your lender urges you to take a loan with terms you may not be able to afford. Their suggestion that you can refinance later will not help you if you cannot afford the payments now.
If you are thinking about a Home Equity Loan to get out of your current mortgage, don't. Why? Simply because most Home Equity Loans get you deeper in debt and once you are obligated you will find the problem is more complicated than when you applied for the loan.
With high prices and low interest rates, the lending industry has introduced a number of complicated loan types with adjustable interest rates. One of them, the option ARM, has the potential to financially crush the borrower.
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: Fort Lauderdale, FL
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