Re: How can mortgage payment be this low?

In article <[EMAIL PROTECTED]>,
Dana Compton <[EMAIL PROTECTED]> wrote:

>The other thing the ads don't tell you is that the more you borrow the lower
>the rate. Over 100,000.00 is lower interest then it goes down again at 250k  As

That was certainly not my experience. We had to start with a "jumbo"
loan, which carries a higher interest rate.  When we were able to
refinance to a conventional loan, we got a much better rate than if we
had gone for another jumbo.

>Also if you are putting less than 20% down most places require you to carry
>mortgage insurance. It's not for you it's for them. If you defailt on the loan

You can sometimes get around this with what I think is called a
10-10-80 mortgage.
-- 

"The thing about homebodies is that they can usually be found at
home." -- Laurie Colwin, _Home Cooking_