Archive for July, 2009
Renting Versus Buying
July 27th, 2009
With the vast change in economic landscape over the last several months, the American Dream of owning a home has become a distant reality for all but a few people who have pristine credit and a significant nest egg that had not been centered in the stock market. Couple that with the great uncertainty over whether you will even have a job over the next several months, most people are postponing that biggest of all financial decisions.
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Current Mortgage Landscape
July 22nd, 2009
Mortgage rates for the average home-owner have started to inch up from historic lows a few weeks ago. If you have a property in mind, the credit score to get the best rates and a down payment, the next few weeks are crucial to get you low rate locked in. With the economy showing signs of slowly recovering, new home starts increasing and existing home sales increasing, mortgage rates are sure to climb.
ARM – the dreaded 3 letters in the mortgage business
July 21st, 2009
ARM, the adjustable rate mortgage, helped fuel the huge real estate bubble over the last several years. Ridiculously low introductory rates for terms of one, three and as many as five years lured thousands of would be home buyers and the predatory investors into the real estate market. With credit markets booming there seemed to be an endless supply of cash to fund these loans. Many were also zero down payment loans.