This brochure provided by the Center For Responsible Lending and The National Association Of REALTORS, gives you the tool needed to be informed. In many housing markets, first time home owners are having difficulty affording their home and traditional mortgages may not be the best option for everyone. Many home-buyers are using Specialty Mortgages to “stretch” out their income so they can qualify for a larger loan.
In this brochure you’ll discover:
- The common types of Specialty Mortgages: The 40 Year Loan – Interest Only Mortgages – Negative Amortization Mortgages and Payment Option ARM Mortgages.
- What are the major risks of specialty mortgages?
- Who is best suited for a specialty mortgage?
- Helpful steps to take before financing a home
- Seven questions to consider before considering a specialty mortgage
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