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Monday, November 08, 2004
Take your time when picking mortgage AKRON, Ohio - When real estate appraiser David Ott refinanced his home this summer, he opted for an adjustable rate, interest-only 30-year mortgage. The Wadsworth, Ohio, resident, 42, got a mortgage product that barely existed a few years ago. Akron, Ohio, elementary teacher Doreen Slinger recently signed final paperwork to buy a home. She used a split or piggyback loan, which allowed her to avoid paying private mortgage insurance, even though she did not have the traditional 20 percent down payment. Just as in Ott's case, the mortgage product Slinger got is relatively new. A generation ago, the 20-year mortgage was the only game in town. Now there are dozens of ways to borrow, and homeownership is at an all-time high. For borrowers, though, it is no longer a simple matter of comparing interest rates. It is a complicated smorgasbord. Read Full Story |
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