There has been a flurry of news the last 6 months or so about sub prime mortgages. Deservedly so. When I first saw "teaser rates at 1 %" for first time home borrowers I knew there would be problems for people put into these loans who did not fully understand the deal. Both for the brokers writing the mortgages and the people they put into them. Much in the way real estate agents ranks swelled with new comers, the mortgage industry was overwhelmed by people new to the business who did not either fully understand what they were doing or did not care as long as they got "the deal."
At least with a home a buyer can back out for any reason up to 16 days after closing.
I've been an agent for a number of years and I know a few very good mortgage brokers. If you're interested drop me a line and I can refer you.
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