Name: Buyer beware: Adjustable rate mortgages making a comeback
Uploaded: 2022-04-29T19:13:16-0400
Duration: 150980
Description: You might remember that adjustable rate mortgages played a big role in the housing crash of 2008. They've been out of favor ever since. But with prices and interest rates now rising rapidly, they're starting to make a comeback. A local lender says they might be the right choice for some, but buyer beware.

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You might remember that adjustable rate mortgages played a big role in the housing crash of 2008. They've been out of favor ever since. But with prices and interest rates now rising rapidly, they're starting to make a comeback. A local lender says they might be the right choice for some, but buyer beware. 

LOOK. WE'LL SHOW YOU THE CHANCE FOR STORMS FOR SUNDAY AS WELL, GERALD. ALL RIGHT, MIKE, THANK YOU. >> CHANGING MORTGAGE RATES HELPED SINK THE HOUSING MARKET BACK IN 2008. NOW THEY'RE MAKING A COMEBACK DEMAND FOR ADJUSTABLE RATE LOANS HAS DOUBLED OVER THE PAST 3 MONTHS AND THEIR ACCOUNTING FOR A RISING SHARE OF MORTGAGE DEBT. WRAL CAPITOL BUREAU CHIEF LAURA LESLIE, TALK TO AN EXPERT ABOUT WHETHER YOU SHOULD BE WORRIED OR IF THESE LOANS COULD WORK IN YOUR FAVOR OF LAURA. >> MICHELLE, YOU MIGHT REMEMBER THAT ADJUSTABLE RATE MORTGAGES PLAYED A BIG ROLE IN THE HOUSING CRASH OF 2008. THEY'VE BEEN OUT OF FAVOR EVER SINCE. BUT WITH PRICES AND INTEREST RATES NOW RISING RAPIDLY, THEY'RE STARTING TO MAKE A COMEBACK. A LOCAL LENDER SAYS THEY MIGHT BE THE RIGHT CHOICE FOR SOME. BUT BUYER BEWARE. ADJUSTABLE RATE MORTGAGES OFFER LOWER, BEGINNING RATES THAN REGULAR FIXED MORTGAGES. >> THAT CAN REDUCE YOUR MONTHLY PAYMENT BY HUNDREDS OF DOLLARS WITH PRICES AND INTEREST RATES. BOTH ON THE RISE, LOCAL MORTGAGE LENDER, DAN WOODARD, YOU CAN SEE THE APPEAL PEOPLE THAT. >> 2 MONTHS AGO TO QUALIFY FOR A HALF-MILLION-DOLLAR MORTGAGE, MAYBE CAN ONLY QUALIFY FOR 450,000 OR MAYBE EVEN LESS TO HELP. SO THEY'RE NOT GETTING THE HOUSE THEY WANT OR MIGHT BE A WAY TO GET YOU IS THE PRODUCT FOR CERTAIN BUYERS. HE SAYS AN A R M CAN MAKE SENSE AND SAVE A LITTLE MONEY. IF YOU, FOR EXAMPLE, MOVE A LOT WITH OR SO MAYBE YOU'RE ONLY GOING TO BE A LOT OF PATIENTS FOR 2 OR 3 YEARS. AND YOU'RE VERY TOUGH ABOUT THAT. THAT'S THE CASE. >> BUT FOR AVERAGE BUYERS, RAMS CARRY A LOT OF RISK AFTER THE INITIAL PERIOD AT THE LOWER RATES. TYPICALLY 5 TO 7 YEARS, THE INTEREST RATE CAN MORE THAN DOUBLE. SO IF YOU TAKE IT OR MONTHS FOR WHICH IT. >> THEY CAN GO UP 5% OR 9%. THAT'S GOING TO BE IT. BIG STICKER SHOCK TO YOUR PAYING MANY BORROWERS COUNT ON REFINANCING THE LOAN DURING THE INITIAL PERIOD. >> BUT IF INTEREST RATES CONTINUE TO RISE AS EXPECTED REFINANCING MAY NOT BE AN AFFORDABLE OPTION, EITHER. AND WOODARD SAYS RAMS HAVE PREPAYMENT PENALTIES. THEY CAN BE COMPLICATED LOANS WITH A LOT OF FINE PRINT. BUT IF YOU DON'T HAVE A TRUSTED, WE NEED TO ADVISE OR TO HELP YOU FOR YOU. >> YOU KNOW, AND YOU CAN REALLY GET YOURSELF INTO A TIGHT SPOT. >> NOW, WHAT I DID SAY THAT ALL ARMS AND ALL MORTGAGES, IN FACT, ARE MUCH MORE TIGHTLY REGULATED NOW THAN THEY WERE BEFORE THE 2008 CRASH. SO IN SOME WAYS, ERRANDS MAY BE SAFER THAN IT USED TO BE. BUT THE BASIC RESCUE SAYS IS STILL THE

Laura Leslie

Rick Armstrong

Heather Leah

Buyer beware: Adjustable rate mortgages making a comeback

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<p>I'm meteorologist, Kat Campbell and the wr a severe weather center, we do have the potential for some additional scattered storms on Friday. There is a level one threat for severe storms. So this is a low threat, but there could be some hail, perhaps some damaging wind gusts. And the primary threat looks to be south and east of Raleigh at this point though Raleigh and really anywhere could see the storms. The timing. I'm thinking between about 1 p.m. and 8 p.m. should be a quiet start to, it's around lunchtime that we begin to see our first storms of the day fire up probably in our southern counties. And then a little bit later in the afternoon, we could see some storms pop up pretty much anywhere. There's a chance that they try to come together as a line in eastern North Carolina toward the coastal plain and the coast. So we'll watch for that potential as well. 81 for the high tomorrow Saturday, some clouds as you're waking up possibly. But we see clearing partly cloudy skies for the afternoon and then we've got this weak disturbance approaching from the northwest. The air is going to dry out significantly over the weekend though. So it's not going to feel this humid, but that should help to limit just how much rain we could see. Saturday evening, I'm only going with about a 20% chance for rain as that swings through. Then for Mother's Day weekend, it is less humid. It's comfortable. It ends up being a beautiful weekend for mom 74 Saturday, 79 on Sunday, Sunday for take an hour by hour. Look 6 a.m. It's in the mid fifties by lunchtime, 70 warming up to 79 for the high and mid seventies at dinner time. It's Mother's Day weekend, meaning we've got a lot of college graduations happening. UN C graduation 7 p.m. 68 degrees. And for the 10 a.m. graduation at Shaw, it should be around 62. We also have MEREDITH College 8, 30 graduation, 55 and for the 11 a.m. 65 Duke graduating on Sunday should be beautiful. 59 at 9 a.m. with more sunshine. Over the next seven days, we've got some ups and downs temperature wise, but no more nine. So we get a break from the big heat. Saturday looking pretty nice. Just that 20% chance for rain. Saturday night, early next week, a quiet start. But as we get into the middle of next week, it's increasingly unsettled with rain and storm chances climbing up to 60% by Tuesday.</p>

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Good evening. I'm Tina sold in cash with tonight's lottery drawings for Thursday. May 9th, 2024. Here we go with the Carolina pick 32 is the first winning number followed by another two. Third pick 38, pick three. Fireball number tonight is seven. Joining me for tonight's drawing is our auditor from mcconnell and Jones L LP. Now let's get started with the Carolina pick for first winning number zero. Second pick for eight. Third winning number seven. Our fourth pick for tonight is four and our pick for fireball number is five. Let's turn now to the Carolina C five. If no one matches all five numbers tonight to win the jackpot. Tomorrow's estimated jackpot is $668,000. Good luck. 38 is the first winning cash five number tonight followed by 12. Our third winning number six. The fourth cash five tonight is seven and good luck. Our final winning cash five number is two. The North Carolina education lottery has contributed over $10 billion to education. Thanks for your support and get the winning numbers every night right here on your exclusive station for the North Carolina education lottery. Thanks for playing.

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Carolina Hurricanes players and Head Coach Rod Brind'Amour talk about Game 3 on Thursday night against the New York Rangers. 

<p>So, um, it's just, it's just part of it. Um, I think our five on five games been been good and, um, obviously special teams, we need to share that up. And, um, just, yeah, obviously that, that needs to be a focal point moving forward. You got a fine line to walk, you know, wanting to be a physical game with all that but not to take the foolish penalties that give them opportunities. Yeah, I was just luck at last game. We had, uh, uh, most of our penalties are stick penalties. So, um, just need to start checking with your body instead of your stick and, um, I was guilty of one and there was a few other ones. So, uh, you just stay away from those ones and we'll be fine. Do you, do you embrace the pressure of having to come back here down? Two? Oh. And having a chance to maybe push it back the other way if you guys can get it done today. Yeah, I, I had a coach in junior hockey told me you're, you're not this until you lose at home. That's, that's been, he said that and we haven't lost at home. So, um, they, they did their job, they won their two at home. Now it's our turn to do ours and, um, starts with tonight and try and you, you win your games at home and then it goes to uh best of three, but we'll focus on tonight as a leader on the team. How important can your impact and what you and the other leaders do to try and turn the tide here. Um Yeah, I, I honestly, we need to come out and play, play our best games, especially here. This, this needs to be the best game of the series tonight. Obviously, we're, we're down too, so you need to push as hard as you can. And um I don't think any, any of us are gonna change the way we're playing. We just need to find maybe that little bit more and um we'll uh have everybody kind of follow suit but um, you look at Fishy Jordan me slavo every everybody in there. We, we're, we're up for it. So we're, we're looking forward to have you guys said anything to the team, have some kind of player meeting after the first two games. No, no, we haven't done that. I know you guys haven't practiced as a group since prior to game too, but have you talked about changes on the power play? What you can do to generate more shots and find more open works? That's a question for Roddy. I'm not in the power play meeting so well, I spoke after game two about, there's a lot, there's still a lot of belief in your room. Uh, despite how frustrated you guys were, can you speak to that? And, and does that come from the experience? And, and I don't know how, how frustrated we are. If we score in overtime, then we're sitting here 11 and it's, uh, when you guys are asking different questions, it went to double overtime and um, the, and then we're, we're trying to tie it late in game one. It's not like they've come in and completely outplayed us two games. It's, it's, they did their job at home, they scored in overtime to make it 20 and now it's our job to respond. All right. Thanks Marty. Marty. Mhm. Yeah, we like 40 places. It means here we go. Evan's gonna check the LA tonight. That was your range for, uh, earlier in the year. Oh, man, we're gonna bring this place to the ground, burn it down and it's not working now. At least we don't have the batteries anymore. That was for the escape by Martin. I say, you know, a little bit, you're now out to you. Oh, that's good. He had a little bit of Charlie is covering tonight or in the, there's gotta be some kind of like nerve damage or something or like fracture. I don't think, I don't know. You never know, I mean, it depends on what the injury is. I mean, the first thing I thought about what he said, that's what, 78 years, right. I, yeah, why do you decide not to have a skater or practice? Just your call? No, it, you know, tough game the other night. A little more rest. I mean, the morning sheets. I don't know really what you get out of them for me. So, we had our meetings. That's, you know, where, where we can get a little better. This team is so experienced and been through so many different things in the past. Do you even need to say anything? Do any of the players need to step up and kind of say anything before this game or is it just kind of business as usual? Well, I don't know. Yeah, I mean, I think we all understand where we're at in this situation and I don't, I don't think we need to dwell on that. I don't think it's, you know, how can we find that little extra, you know, play here or there? That makes a difference and, you know, uh that, that's really what it's about character as a coaching staff in those meetings. Have you discussed any strategies of how to get the power play going and generate more chances to score? Yeah, I mean, obviously we, we, that's uh an area we wanna get better at. They did a nice job up there and you know, there's, there's areas that we can be better for sure. And, um, you know, we're gonna have to be, obviously we go back to Freddie tonight. Um, yeah. No. Yeah. No, we're gonna go cooch tonight. Um, uh, you made a change in overtime with moving Tony onto the second unit. I was, I didn't know if that was maybe, uh, trying to get more out of the power play or was it more? Maybe not loading up, Shay so much with minutes. Both. Yeah, both. Yeah, I mean, Brady is playing a Ton and Tony, we know we can do it. It's just, you know, we had to get power play all year and Brady was running on that unit, but we know Tony is capable of it. So it's a little bit of both there. You said the change with, with the goalie? Um, well, I think, you know, Freddie's played really well, but he's also played a lot and I think, uh, give him a little rest is the best thing you've said that you're not worried, you never have been worried about couch's ability to step right back in despite knocking the play off. And what has he been doing? Especially the majority of his time. Is it kind of split between watching film and practicing? Is he doing something different? No, just getting ready. Practice. You ready? I mean, he doesn't, I don't know how much film work he does. I mean, it's the goal is just getting himself ready. He does work with Polly, but I mean, at the end of the day it's, I think, uh, you know, he's fresh and hopefully that was a great game. You anticipated, you said yesterday, you anticipated, who is he getting back in? Is that what you're gonna do today? He's fine. Right. Do you see this as a matchup series? Like as far as sometimes there, there are, sometimes there's, they're not for you. Is this a matchup series? And do you have more of an advantage because of that people? Um, yeah, I mean, you have certain game plan going in, you know, certain, you know, maybe guys you wanna play against but it really, um that's, it's, um, yes and no. Uh uh I mean, obviously there's more about um, the d matching up really more than even the floors. But yeah, I mean, we'd love to get our top guys against their top guys. Your estimation is to check out, do anything differently as a goalie playing behind your group. Well, he's got a different demeanor. I mean, that's obvious and he said he's really comical and creature is a little more passionate and, you know, wes his emotions are on his sleeve. But yeah, I know they both pretty good goalies. Coach, a player like this, a tr check for the Rangers who scored in every playoff game so far. I just want to stop them to stop his momentum from getting going. Well, I mean, there's no different game plan for him than anyone else. You gotta do your best when you're out there. And, um, you know, we know him very well. Good player. Uh, so we just can't give him a lot of room obviously. All right, thanks. Yep. Here you are. No, I was wearing these pills. I have been to Starbucks and then we're still 10 minutes by any one. I know you a Star Me? Have a good one. All right. Yeah.</p>

Canes players, coach talk about Game 3 against New York Rangers

Thursday marks a big step for Wilson's new Carolina Mudcats baseball stadium as the town breaks ground on the site downtown. Earlier this year, the city approved $73 million in bond money to build the stadium.

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Good evening, Juan, I'm Brady Trainer. Tonight. We have another life changing jackpot. It's worth a guaranteed $20 million. So, get your tickets ready here. Come tonight. 20 numbers. Let's start things off this evening with the number 43 right after that America. We have the number 51 and congratulations to Jack Canfield and his son, Todd from Tennessee. They won a million dollars playing powerball all the rest of your winning numbers tonight. 44 7. And we'll round it out tonight with the number 41 and tonight's winning powerball number, that's gonna be five and your power play multiplayer is two. Let's take a look at tonight's winning numbers. Remember there are multiple ways to win. Good luck, everyone. We'll see you back here on Saturday night. That works. It's time to play America's favorite.

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Buyer beware: Adjustable rate mortgages making a comeback

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Buyer beware: Adjustable rate mortgages making a comeback

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