Explaining the housing crash:
05-08-2007, 18:13Real EstatePermalinkFrom the Modesto Bee:
In a time when real estate stories are filled with foreclosures, loans gone sideways and homeowners on the brink of financial ruin, lending professionals say avoiding such traps requires a simple step. That step is to read through and understand every detail before committing to a home mortgage, though many consumers admit they don't.
In a recent poll of about 1,000 adults by Bankrate.com, about 34 percent of homeowners had no idea what kind of mortgage they had, said Greg McBride, a senior analyst for the financial information Web site.
iTunes is currently playing: Steal Me Blind from the album Alf
by Alison Moyet.
In a time when real estate stories are filled with foreclosures, loans gone sideways and homeowners on the brink of financial ruin, lending professionals say avoiding such traps requires a simple step. That step is to read through and understand every detail before committing to a home mortgage, though many consumers admit they don't.
In a recent poll of about 1,000 adults by Bankrate.com, about 34 percent of homeowners had no idea what kind of mortgage they had, said Greg McBride, a senior analyst for the financial information Web site.
iTunes is currently playing: Steal Me Blind from the album Alf
by Alison Moyet.Comments
