Dan The Mortgage Man - 1% Loans & NegAm

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Mortgage Expert Dan ‘the mortgageman’ Foster explains the risks of Negative Amoritization Loans and why the 1% Interest Rate offers that fill your mailbox are not what they seem - BUYER BEWARE - Originally broadcast live on Good Day Sacramento

May 25 2010 02:24 pm | Loans

11 Responses to “Dan The Mortgage Man - 1% Loans & NegAm”

  1. artistknownasbeavis on 25 May 2010 at 2:24 pm #

    It has a place for investors - some investors want the lower payment as they are going to sell in 1 year so it has a purpose in some instances.

  2. cjjorgensen on 25 May 2010 at 2:24 pm #

    I am a traveling notary and I saw hundreds ot these. It is a crime for me to give my advice or opinions becuase I am not an attnory, so I had to keep my mouth shut. But what I was was people who got themselves maxed out in debt with big cars, and mall credit cards, then got a neg am loan to cover it. Pay cash and don’t live beyond your means, and you won’t need a neg am loan.

  3. khanzh on 25 May 2010 at 2:24 pm #

    want dan the man to get on youtube on a regular basis, we want more info!!!!!!!11

  4. seanmg on 25 May 2010 at 2:24 pm #

    I used to work at a mtg co. and I never offered these types of options. Fastest way to owe more than your home is worth short of just getting a 110% LTV loan.

  5. artistknownasbeavis on 25 May 2010 at 2:24 pm #

    Yea but Dan didn’t tell you the rate is higher without a prepayment penalty. Some states have pre-pays and some don’t but if you can’t get the “A” loan then your rate might be higher WITHOUT a prepay.

  6. george4title on 25 May 2010 at 2:24 pm #

    Thanks

  7. mikeeor on 25 May 2010 at 2:24 pm #

    Man are you way off. I don’t believe any one particular loan is appropriate for everyone. Need to explain better what amortization is. What about time value of money, leverage cash flow. I agree, these loans are really bad for most. All the same, nice work.

  8. MacPercuss777 on 25 May 2010 at 2:24 pm #

    Thanks for posting this. I learned something.

  9. ApollosWorld1 on 25 May 2010 at 2:24 pm #

    Hey Dan. Youd did good.
    I knew you from Great American Mortgage.
    I was your rep from MILA.

  10. mortgagenewyork on 25 May 2010 at 2:24 pm #

    Excellent explanation. Deal with real mortgage professionals, not scammers.

  11. 2ndvariety on 25 May 2010 at 2:24 pm #

    Great video, keep it up man!

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