Get the best deal on fixed-rate loan
As the real estate market slumps, sales pressure mounts for adjustable-rate mortgage borrowers to refinance into fixed-rate loans.
Plus, ads for 1% and 1 3/8% teaser rates — despite published reports of declining real estate prices — are still around.
“The bait and switch is stronger than ever,” warns Michael Moskowitz, president of Equity Now, a New York mortgage banker. “Sales people are unscrupulous.”