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Television Ads

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Every time you see a TV commercial for a mortgage company, you’ll see a huge section at the bottom of the screen with “fine print.” You can’t read the words because they’re so small and they’re gone before you know it. If you have a DVR, record it. That way you can read the disclaimers they don’t want you to see.

The fine print contains a listing of the states where the company is licensed to operate. Then, they list the disclaimers regarding the interest rate and payment being advertised. For instance, the ad might tout a 5% interest rate with low interest payment. “Wow,” you think to yourself. Consumers are conditioned to think in terms of a 30 year mortgage. So this loan programs sounds too good to be true. And in fact, it is. If you were able to read the fine print on your TV screen, you’d see that this low payment is the result on a negative amortization loan. In other words, each month you would be making a payment that wouldn’t cover all of the interest that month. And what would happen to that interest not being paid? It would be added onto your loan balance! Each month your balance would go up instead of down. Who wants that? Very few people.