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The 4% Mortgage Solution - From Publisher of Dream Homes Magazine - Blassis

   Warren Bufett: "I don't think it's getting worse. I think what people want to do is make it get worse."

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What do you think about this 4% Mortgage Solution?

By Michael Blassis, Publisher, Dream Homes Magazines

All Existing Mortgages

  • Provide 4% Interest-Only loans to ALL homeowners with an existing mortgage from an accredited institution on their primary residences for a five-year term regardless of the homeowner's credit rating. After the first five-year term is up, the maximum interest rate increase is limited to 1% for one more five-year term. After that, the homeowner will refinance based on the market.
  • If a home is currently valued for less than the homeowner paid for it, the 4% solution will stop the current slide in home prices and the home should be worth its original purchase price or more within the five years.

New Buyers

  • 10% down for first-time buyers.
  • 20% down for move-up buyers.
  • 25% or more down NO docs. The buyer has real skin in the game. The lender should not have to worry about the buyer walking away from the loan because he or she has more than a fourth of the equity. No-docs loans are very important for small businesses and freelancers who have difficulty providing documentation of their incomes since their incomes change year to year.
  • 4% loans will enable buyers to afford higher-priced properties, further stimulating and supporting home prices.

Eliminate Computer Zestimates

Government Tax Benefit

Minimum Overhead and Bank Profits

Conforming Rates

No More Toxic Loans 

The complete article, with much more information, is at Dream Homes Magazine

 

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4 commentsTaunya Fagan • October 10 2008 10:39PM
The 4% Mortgage Solution - From Publisher of Dream Homes Magazine -…
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Warren Bufett: "I don't think it's getting worse. I think what people want to do is make it get worse. " * * * * * What do you think about this 4% Mortgage Solution? By Michael Blassis, Publisher, Dream Homes Magazines All Existing Mortgages… more