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Posted by Venus²² on November 19, 2006, 10:08 pm
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>
>>
>>> If this is a fix loan, 6.5%, 30 years, I do not see how they can make
>>> the
>>> payment so low. Normally for this loan, the interest will be in the
>>> $2,780
>>> minimum. I tried 40 years and I still see $2500/mo of Interest.
>>>
>>
>>Here is the stupid Ad I'm referring to. Even Interest only, there is no
>>way that they can go down this low. <gif>
>>
> I don't see in the ad that it is a 30 year conforming loan.
> Ad viewers fill in the blank and assume it's the same type of loan they've
> had
> for years. That's how advertising works.
>
> You see a Chevy or Ford ad for either 0% or $6000 cash back. The mind
> "thinks"
> they get both and it appears to be a great deal, so they go to the dealer.
>
> Nothing unethical about it IMO, just the way our minds work.
Well they are misleading young people who never had experience in home
financing. After I posted it, I realized that it must be a 2 years
temporary low interest, then they will jack up the high interest later.
Most likely the buyer will lose everything after putting so much money down
and unable to carry on with the payment. The brokers need to make it clear
even with a small line is better than nothing.
Thanks for sharing the Chevy's reward program, that I knew it long time
away.
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