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06-20-2008, 03:59 PM
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#24 |
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Playmaker
Join Date: Feb 2004
Location: Frederick, MD
Age: 46
Posts: 4,628
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Re: Understanding The Issues: Subprime/Housing Crisis
Not that I'm an expert, but I'm pretty sure the borrower does not have to quality for the potential adjustment, because it's not an absolute. Most ARM interest rates cannot exceed an x% increase year to year. So essentially the borrower should do their homework and make sure if they can't refi the ARM, that they can afford the payment with the increased interest rate before even thinking about signing the bottom line.
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