Free mortgage primer

WASHINGTON -- Oct. 30, 2006 -- Are your homebuyers confused about the array of affordable mortgage products that sound too good to be true? Give them this: A new pamphlet jointly released by five bank, thrift and credit union regulators. The 17-page document, available on the agencies' Web sites and downloadable in PDF format, discusses non-traditional mortgage products, such as interest-only and adjustable-rate loans.

Its list of terms and worksheet should help consumers determine which type of loan best suits their needs. The regulators say consumers also can turn to lenders if they have questions about the risks of the various lending options. To download the brochure, go to: http://www.federalreserve.gov/pubs/mortgage_interestonly/default.htm

Source: American Banker (10/20/06) Sloan, Steven

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