Mortgage Rates Are Only Around 8%??
Q: Tired of low paying investment or stocks losing money. Try an investment the banks use to get rich - real estate mortgage investments. Switch & Save more money with a real estate mortgage investment. Receive 10% interest instead of 5% CD's. Double the amount of interest you are making today. We even pay your early withdrawl penalities when you Switch & Save more with us. How do you propose to offer 10% on a mortgage investment when current mortgage rates are only around 8%??
A: This may not be a scam. I don't know anything about the person who posted the message above, but the 8% loans you're referring to would be top-grade ("A" paper) first mortgage rates. I know of lots of people who pay 10-15% and MORE --yes, today -- for a home loan. These would typically be second mortgages, which are often used for investment purposes by little guys like me. Also, people with bad credit HAVE to pay higher interest rates, and there are plenty of individuals and institutions who are in business making these types of loans.
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