Poor Credit Rating Triggers Mortgage Rate Hikes
The Christian Science Monitor reported today that Sub Prime Loans Face Big Rate Hikes. Those with less than stellar credit ratings are expected to take huge hits as their adjustable rate mortgage interest is being increased. Sadly, mortgage lenders are bailing themselves out on the backs of their customers who were already being charged significantly higher interest.
Millions of homeowners around the nation are now getting the news in the mail: The interest rate on their home loans is going up, possibly to double-digit levels.
The hardest hit are expected to be people who have less-than-stellar credit and cannot afford to make the new payments. An increase of several hundred dollars a month will force them either to get relief or to default.
September 4th, 2007 at 11:34 pm
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