商业报道:如何处理按揭（在线收听）

Mortgage headache

CNN's Gerri Willis offers tips if you are stuck in an adjustable mortgage interest rate reset.

The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

And Gerri, first and foremost how big of a problem are we encountering in the industry?

Well, I will say it’s a big problem. There’re about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak of subprime US mortgage resets will happen next march.

Gerri, help us to set a priority at this point, the priorities, What’s the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?

Well, get your paperwork. If you have a one, three or five year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjustable rates can adjust annually. Next you’ll wanna look at the caps, these caps, they ah prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call in our nonprofit counseling organization. To find one in your area, go to HUD.gov.

What about refinancing as an option? Who should think about that?

Well, sometimes refinancing just isn’t in the cards, especially if your home price has dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.

For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?

Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates, those teaser rates on home loans before they are reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they develop. And if you have any questions, please send them to us at [email protected]. We love hearing from you.

Notes:

Teaser rate:为了让借款人接受可调利率住房贷款，初始阶段放贷利率通常很低，该利率称为引逗利率, 或者诱惑利率(teaser rate)。在引逗期过后，利率将被调整到市场水平，并定期加以调整。