FINANCIAL CENTS: HOW TO SURVIVE IN A HIGH DOLLAR WORLD What Every Person Should Know AND Tell Their Children. by George R. Burke

Author:George R. Burke [Burke, George R.]
Language: eng
Format: epub
Published: 2013-11-24T23:00:00+00:00

A couple of other things to be aware of with ARM’s, they may have Prepayment Penalties if you pay the loan off early, where you may have to pay certain fees. The other thing to be wary of with these loans is that they can have a Negative amortization. This means, if the amount of your mortgage payment is not enough to cover the interest portion on the loan for that period, the excess interest is added back into your loan so that you actually OWE MORE FOR YOUR LOAN than you originally took out. You could end up paying interest on the interest.

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