What kind of a mortgage is this? please help?
someone I know that is a first time buyer was approved for 7% and its a 30 Year FIXED rate! also, the lenders papers say :
7% /15 days /30 days/ 60 days
Is this a floating rate of some kind?
His loan was suppost to be 100% BUT the lender said they Do NOT do this and needs to put down 9,000 which he did. Since he put this down the lender is now saying his loan is going to be financed at 100% ?? What does this mean?
To me somthing sounds wrong, and do you think its predatory lending? This is his fort time buying so I dont know why hes not getting an FHA?
the house is 179,000 and the loan is STILL 179,000 even though he put a doen payemt. Should he back out of this??
Thanks so much!