Homeowners Up in ARMs Finally Get a Break!
December 6, 2007 7:21 pm Lake Murray, Richland, bank of america, blythewood, buying, columbia, credit, first time buyer, home, home owner, housing market, irmo, law, lexington, prices, problems, real estate, realtor, selling, south carolinaPlease forgive the pun, but for once homeowners in Columbia, South Carolina now can breathe a little easier. Announcing a five year freeze on mortages with “teaser” rates, President Bush unveiled a plan today that keeps rates locked in for those who need it most.
From the Associated Press, “The initiative would hold down rates for certain subprime mortgages, which are loans offered to borrowers with spotty credit histories. These loans offer initial “teaser” rates for the first two to three years before rates climb sharply, potentially increasing monthly payments by as much as 30 percent.”
Read more about the plan from The State Newspaper here.
Your “No Bull” Realtor,
Kathy Smith
Russell & Jeffcoat Realtors, Inc.
(888) 808-4Moo ext. 0
(803) 781-5729
http://www.kathy.smith.net/
