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Originally Posted by sperbonzo
Absolutely... I will most probably set him up with an ARM with a 2 year first adjustment, then he can work on his credit, and refi at the 2 year mark, before his payment goes up.
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I obviously dont know the terms on this loan but it looks like a nice fat juicy 2/28 with a 6 month prepay, usually 6 months interest and nice increase after the first 2 years. These loans pay huge commissions from subprime lenders cause they know 9 out of 10 people never get their credit straight and usually end up fucking it up even more while stuck in these shit loans. therefore leaving them stuck with the 2/28. I did loans for 10 years and know own a title company with the wife. Ahhh the memories
