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Article: Adjustable Rate Mortgages Nightmare for Luxury Home Owners, According to SMR Financial.
- Article from:
- Business Wire
- Article date:
- February 5, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Luxury Home Owners List Financial Time Bomb as Mortgage Resets in 07 Come Due
Millions Stretched Themselves Financially, Face Painful Adjustment as Payments on Adjustable-Rate Mortgages Reset
SAN CLEMENTE, Calif. -- Adjustable rate mortgages (http://smrfinancial.com/payment.html) were used in the hot housing market of recent years. Many households that took advantage of "teaser rate" loans -- types of adjustable rate mortgages that hold down payments for an initial period -- are facing resets of their interest rates that can cause monthly payments to balloon upward of 10% to 50% as reported recently by www.realestatejournal.com. Luxury home owners list ...