I just saw an ad on TV today for a $500 monthly payment per $150,000 financed. If I remember correctly, they had a $500,000 loan for $1667, $1680, something like that.
Of course the fine print at the bottom was so small and blurry, even if you could make it out, you couldn’t read it fast enough as it scrolled by.
I have to think loans like this are the only reason people are still able to “afford” houses. I have no doubt people can still be suckered into this, even at a time when the trend is certainly downward.
Of course this will only draw out the downturn when these loans reset in 5-10 years.
