PHOENIX -- Desert Schools Federal Credit Union is helping localneighbors avoid the pitfalls of Adjustable Rate Mortgages byhosting a community meeting.
|According to the credit union, many Valley residents whopurchased their homes with payment option-ARMs are now facinghigher monthly payments in the wake of rising rates.
|"Desert Schools is a credit union that was founded by teachers,"said Cathy Graham, assistant vice president of marketing. "Thepurpose of our community meeting is to meet our neighbors andprovide information and advice in a friendly, welcomingenvironment."
|Graham also emphasized that the credit union does not offerpayment option-ARMs or negative amortization loans that can have anegative effect on a borrower's financial well-being.
|"Our community meeting is designed to educate and help residentsmake informed decisions," said Graham.
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