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In the scenarios presented in this video expose news piece, where they interview a couple who were payment shoppers and bought a $400K home with a $2k mortgage payment, and then had their ARM (adjustable rate mortgage) go up on them making their new mortgage payment $4K - the interviewer asks the couple, "Didn't you understand all this, did you have a lawyer look over it [loan terms docs]. I am highly surprised that the interviewer didn't ask, "Did you have a buyer agent/Realtor assist you in the purchase of your home, did they advise you on the risks and consequences of an ARM loan ?"
ReplyDeleteA good and ethical buyer's agent (such as me of course) would have given this couple better advice or financial planning to help avoid such pitfalls.