Posted On: May 27, 2008, 2:23 pm CDT

Posted By: Baxtor

The sad thing about this is we'll all have to pay. If mortgage companies lose, they will need to increase their mortgage rates to compensate. Both parties are at fault. The home purchaser because they should have realized making minimum wage you cannot buy a $500,000 home. The mortgage companies because not everyone is good at math and they should have disclosed information in plain english. I had a mortage company call me just like in this article. They said the same thing, we can cut your interest rate and save you BIG money. I told them my rate and they said they could beat it. Then I told them the length of the loan and that I did NOT want an interest only loan. They said they could beat it. They came back with longer loan terms, interest only loans, etc... Everything I told them NO on. I even told them to not even call me if they couldn't beat my current loan. They lied and lied. The individual later said, no they couldn't beat my current loan strait up. Yet they wasted my time. I'm not saying all mortgage companies did this, but the one that called me was all over it. But I asked the right questions, because if it sounds to good to be true............