Clark sometimes must eat crow, as they say, when he makes a mistake on the show. That happened the other day when he spoke to a caller named Shawn about a refinance he was thinking of doing. Shawn said he’d been offered a home loan for 1 percent for five years, and Clark told him there was no such thing. He told Shawn that it was probably a teaser rate that would balloon soon after he signed for up it. Well, it turns out that it does exist, but it’s much worse than he originally thought. What happens is the company charges you as if the loan is at 1 percent interest, but it’s actually being calculated at the real market interest rate. So, if you pay on the loan for five years, you will owe much more money at the end than you did when it started. The home’s value may not go up at all. So, it’s basically playing with fire. Now is the time to open boring, vanilla fixed rate loans, especially if you plan to be in your home for a while.