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
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.
spectrum0590 1 year ago
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
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jimamily 1 year ago
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?
ClintfromNYtoVA 3 years ago
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.
RockinRight 4 years ago
Thanks for the great tips...
CreditTipVideos 4 years ago
There is absolutely no place for the NegAm. loans. That was the worst program ever created!!!
carlodal 4 years ago
Thank you for the great info.
greywolf999 4 years ago
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.
cjjorgensen 4 years ago 2
Thanks for posting this. I learned something.
MacPercuss777 4 years ago
Hey Dan. Youd did good.
I knew you from Great American Mortgage.
I was your rep from MILA.
ApollosWorld1 4 years ago