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adrianlee1971 · Joined: 13 Sep 2009 Posts: 53 -0.17 Dollars($)

What is a teaser mortgage?

eric1 · Posted: Wed Sep 23, 2009 12:25 pm Post subject:

I think you are referring to a mortgage that has a very low introductory rate or low introductory "payment". When there is a low introductory PAYMENT, the rate is often calculating interest at a higher rate than your teaser payment. This also often means not only are you not paying down the loan, but the loan balance is actually getting higher.

On a positive not, those loans are all but gone now.

gmakerley · Posted: Wed Sep 23, 2009 2:57 pm Post subject:

and good riddance, too. you also had those 1% rates last year (before countrywide folded) that were advertised all over creation. didn't that just get everyone excited and asking us how come we couldn't offer the same thing?!

teasers are not meant for long term relationships. man...i learned that in junior high school!

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

Thak is why they are famous as teaser !!!

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

Teaser rate will typically be below the going market rate, and is used by lenders to entice borrowers to choose ARMs over traditional mortgages

gmakerley · Posted: Thu Sep 24, 2009 6:48 am Post subject:

who is it that is "famous as teaser"? to be real, i can't fathom your contributions, lee.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

No doc, Alt A ,option ARM

tons of these just few months ago were every where

Now, all you hear is FHA ( The new teaser)

gmakerley · Posted: Fri Sep 25, 2009 11:50 am Post subject:

sunny, that's not a fair assessment of things. fha is definitely not a "teaser" loan product. rates on fha are quite comparable with conventional loans, so if one is a teaser, i guess all are.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

May be I called it wrongly

FHA is almost like the previous lona programs where peole got loan with low den payment, hight debt to incoem ratio.

Difference is, FHA is backed by the goverment

gmakerley · Posted: Sat Sep 26, 2009 9:33 am Post subject:

ratios on fha loans are typically lower than with conventional loans; the automated system is less forgiving.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

If we look at some of th recent reportsnumbers of defutls on the FHA have incresed dramatically

It is just sing of things to come in the future

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

it is really bad. is it not true for conventional loans?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

It use to be in 2% range now it is above 3%

In conventional loan, most of them did make some donw payment and most of these poeple probably woudlnto defult unless they loose job or have some unexpected happen in thier financial situation

gmakerley · Posted: Mon Sep 28, 2009 7:28 am Post subject:

guys...please use spell-check if you have it or find someone to assist you. i'm not trying to be mean...it's just that the misspellings make it very difficult to understand what is being said; they are hard to read.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I think its a good idea to add that feature to the forum

Once we get used to the auto spell check, then we expect it to do the same evry where

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