Mortgage Rate Resets 2011, Can someone pls explain in layman terms?
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 Jun 17 2010, 12:23 AM, updated 16y ago
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#1
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Junior Member
73 posts Joined: Oct 2006 
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Hi,
Can someone please explain in layman terms what is Mortgage Rate Reset? I have read the article a few times and still cannot comprehend how a $1600 monthly home loan installment will snowballed into $4900 per month when the mortgage rate resets in 2011 – 2012. Please refer to weblink http://www.misterhobbes.net/mortgage-rate-resets-2011/ Thanks  |
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Jun 17 2010, 12:30 AM
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#2
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Senior Member
2,155 posts Joined: May 2005 
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Because interest rates up?
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