Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Wednesday, December 05, 2007
Mortgage Rate Freeze - Don't Get Excited Yet
Okay, the major financial institutions may be freezing the interest rate on some adjustable rate mortgages. If you have one of these, don't get excited yet -- the freezes will be only for certain "eligible" borrowers who have demonstrated that they can't pay the reset interest rate. If you're already in trouble, you don't qualify. The estimate is that only 12% of all ARM borrowers will be eligible. This is good news, however, for the few families who will now not be homeless within the next six months.
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