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Dan The Mortgage Man - 1% Loans & NegAm - (916)-224-6366

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Uploaded by on Aug 12, 2006

Mortgage Expert Dan 'The Mortgage Man' Foster explains the risks of Negative Amoritization Loans and why the 1% Interest Rate offers that fill your mailbox are not what they seem - BUYER BEWARE - Originally broadcast live on Good Day Sacramento - (916)-224-6366

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  • Because of this misleading information about mortgages and the promise of lender company that people can afford a expensive property is the root of mortgage crisis.

  • Determining whether to get a fixed rate or variable rate mortgage is one of the more important decisions in a homeowner's life.

    15 year mortgage

    15yearfixedratemortgages(Dot)c­om

  • WE got duped by one of these from a loan broker who acted like it was an interest only loan, with a prepayment penalty. It resets in 3 years w 15 months remaining. Do we have any legal recourse?

  • As Dan mentioned, there is a purpose for them, and I'd add one more: If you have a relatively high equity position and wish to invest the money that would go to principal - but only for a savvy investor.

  • Thanks for the great tips...

  • There is absolutely no place for the NegAm. loans. That was the worst program ever created!!!

  • Thank you for the great info.

  • I am a traveling notary and I saw hundreds ot these. It is a crime for me to give my advice or opinions becuase I am not an attnory, so I had to keep my mouth shut. But what I was was people who got themselves maxed out in debt with big cars, and mall credit cards, then got a neg am loan to cover it. Pay cash and don't live beyond your means, and you won't need a neg am loan.

  • Thanks for posting this. I learned something.

  • Hey Dan. Youd did good.

    I knew you from Great American Mortgage.

    I was your rep from MILA.

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