PS – I got an adjustable rate mortage many years ago and was not qualified at the teaser rate but at a rate that I believe was equal to the teaser rate and the cap on the rate.
Are there any mortgage brokers out there that can clarify how these suicide loan borrowers are qualified, even though it might not make a difference if it was a “stated income” loan, because the borrowers could lie to meet the qualifications anyway. Just curious…
