by Jill
(USA)
Regarding: Contact Kate Help For Homeowners
Here is an email I received at Ask Kate from a Reader who echoes my goal of empowering homeowners to learn how to get their best mortgage rate. After all, it is YOUR mortgage and YOUR home. No one cares more about it than YOU! I know you'll enjoy her letter as I did...
Hi Kate Ford, I find it amazing that more people don't do the homework or the due diligence before seeking a home loan.
As example, even though ARM products are on the decline in this economic environment, I believe a person should know what the margin on the mortgage is and how it can affect your payment schedule.
Also a borrower should be doing the homework to understand what the break even point is on a home mortgage loan, relative to fees to get the loan or how to negotiate the so called junk fees.
Again thanks for this public service. I only wish that our schools would teach kids about basic finance, for example how to balance a check book, the real cost of late fees on the pocket as well as protecting their credit rating.
It would be a great context for why math or algebra is important and basically give kids more info to promote financial literacy.


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Your friend,
Kate Ford
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