1340 AM, Monday, September 8th, 2008
ISU Professor: Stick With "Old Fashioned" Mortgages
Last updated on Thursday, August 30, 2007
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(TERRE HAUTE) - The crisis in the mortgage industry and with so-called sub-prime lenders does not mean home buyers won’t find mortgages.
Jack Tatom, of the Networks Financial Institute at Indiana State University says home buyers today need to think "old fashioned" and seek out 30-year, fixed-rate mortgages with as large a down payment as they can afford. He says the easy money, sub-prime, mortgages are gone now.
Many of those mortgages involved adjustable rates or balloon payments, and borrowers with shaky credit can't meet the higher payments as interest rates rise.
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