Business: Creative Home Financing

New homeowners these days often feel that getting a mortgage is akin to getting mugged. Soaring interest rates and skyrocketing housing costs mean that fewer and fewer people can qualify for the traditional fixed-interest 30-year loan. As a result, bankers and mortgage brokers are busy devising new financing gimmicks that give more people a chance to buy homes. At the same time the conventional home loan may be on the way out. Says Ronald A. Wilbur, president of the New Hampshire Association of Savings Banks: "The fixed-rate, 30-year mortgage is more than likely...

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