Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Wednesday, August 17, 2005

Little Cash Down - Often means Lots of Trouble Later on

Great article by Adam Small of USA TODAY.

posted by S. Dreznin at 4:07 PM

2 Comments:

  • Buyers with the 80% first and 20% seconds are often unaware that the second will show up on their credit report as revolving credit. Playing havoc with their debt to income ratios, reducing their credit score and making it much more difficult to finance a car or anything else that requires credit. The seconds are usually variable rate and have a significant prepayment penalty. It's a trap! Recently, oil executives justified their record profits by saying that mortage companies were making more money! Anyone else?

    By Anonymous Anonymous, At 4:57 PM  

  • Ron,

    Great point. Thank you for contributing. I look forward to more of your comments.

    Sean

    By Blogger S. Dreznin, At 5:06 PM  

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