Thursday, October 05, 2006 - 10:38 PM PST
Okay. I'm getting a little sick of seeing these two dancing fools all over the web lately:
I ran those numbers through a mortgage calculator: In order to get a 30 year, $510,000 mortgage for under $1698 a month, you'd have to have a 1.25% interest rate - which no sane lender would ever give you. So, it's probably safe to conclude that this is a negative amortization loan, where you end up owing more each month because your monthly payment doesn't even cover interest.
A predatory mortgage broker with deceptive advertising on the Internet is hardly shocking - at least, not until you consider who actually owns LowerMyBills.com. Experian, one of the big three credit report agencies, acquired LowerMyBills.com last year.
So now you can ruin your credit and financial standing with a crippling mortgage arranged by Experian and pay them to find out just how bad you've got it! Brilliant!