Posted by Brian (WA) on April 26, 2007 at 11:39:36:
Unless your broker explains the pros and cons of this type of loan do not get into it. I’m not saying it is a bad loan, it has it’s purpose but unless you fully understand how it can help you and how it can hurt you I would hold off on signing up for it.
How is this loan going to help you besides having a lower payment and what did your broker explain to you?
I have refinanced several people who didn’t understand the mechanics of their neg am loan and once they were fully aware of what was happening they wanted out immediately.