Collection Agency Rapid Recovery Solution Urges Caution When Assuming New Mortgages with Low Down Payments
Bohemia, NY (PRWEB) November 08, 2013 -- Rapid Recovery Solution, Inc. implores consumers in the market for real estate to consider the long-term effects of mortgages that require minimal down payments.
According to a November 5 article from CNN Money titled “Banks Offering Mortgages With Only 5% Down Payments,” there are opportunities abound for prospective homebuyers. Just a few years ago, when the real estate bubble burst and subsequent the Great Recession accelerated, Americans were required to commit as much as 20 percent of home prices to obtain long-term mortgages. However, as the economic recovery matures, the country’s leading lenders are once again exhibiting confidence in the buying power of consumers.
CNN Money highlights TD Bank’s latest offering as an enticing option for homebuyers. The “Right Step” mortgage requires only five percent down and allows borrowers “to receive as much as two percent of the sale price as a gift from a relative or other third party, so they would really only need 3 percent down,” the article explains.
John Monderine, CEO of Rapid Recovery Solution, offers a cautionary outlook. “Interest rates have remained low, and the job market is slowly recovering, so low mortgage offers with low down payments are surely attractive to those in the market. However, my experience in a collection agency has taught me the danger of enticing promotions to consumers.” Monderine continues. “The burden of nonessential debt outweighs the investment opportunities of real estate much too often. Before taking on new or additional mortgages, individuals must thoroughly analyze their current and future finances.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.
Sean Nolan, Rapid Recovery Solution, Inc, http://www.rapidrecoverysolution.com, +1 866-944-8610, [email protected]
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