Is this a sub-prime lender ?
- From: Gary <none@xxxxxxx>
- Date: Sun, 30 Sep 2007 10:31:41 -0400
This is an ad I ran across and find it interesting because I can't
find one straight-forward word in it. The way I read this ad, I
would think a could with a $32,000 a year family income could afford a
$150,000 mortgage. I can see that a young person with little banking
experience would bite off more than they can chew. -- gj
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Advertisement --
http://tinyurl.com/27fa9m
Mortgage Rates Start as Low as 5.125%. See APR and Terms Below
Loan Amount Monthly Payment*
$150,000 $641 per month
$200,000 $854 per month
$310,000 $1314 per month
$500,000 $2135 per month
(small print)
The borrower will make six payments of $427, $534, $641, $726, $854,
$1,324, $1,751 or $2,135 respectively and fifty four payments of $646,
$807, $969, $1,098, $1,292, $2,002, $2,648 or $3,229 respectively for
the remainder of the interest only period, and three hundred payments
of $755, $944, $1,133, $1,284, $1,511, $2,342, $3,097 or $3,777
respectively assuming an interest rate of 7.643% (APR of 8.019%,
7.985%, 7.962%, 7.949%, 7.934%, 7.904%, 7.890% or 7.883%,
respectively).
( -- I still don't understand that. How much will they pay after 5
years -- for 300 payments ? $944 ?. If so, that would require an
income of about $45,000. I wonder if they explain that to Jethro and
Daisy Mae, Pedro and Maria and Tyrone and Sholandra ? -- )
.
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