Relief From The Mortgage Industry
May 24, 2009 by admin · Leave a Comment
If you are like most people these days , you are looking for ways to cut back on expenses. There is not much positive that can be written about the financial institution in this country. However, even in the midst of the worst economic crisis this country has suffered in generations, there is a glimmer of good news and it comes from, of all places, the mortgage industry .
Remember the ultra low mortgage teaser rates to persuade you to secure your mortgage. Yep the same rates that supplied the energy for the housing boom and ultimately the housing bubble bursting. Well it seems that same industry is making refinance mortgage rates even more attractive.
Fixed mortgage rates are now available at below 5%, the lowest they have been in some time. These rates do not include jumbo mortgages, but still many people could be helped. If you plan on staying in your home more than 2 or 3 years, you can save money.
One of the principle reasons for the housing bubble bursting was that many loans were made outside of traditional guidelines of approving a mortgage. Mortgage lenders are stricter and your monthly mortgage, insurance and taxes should not be more than 31% of your monthly income. Imagine that , making loans with some fiduciary responsibility. Closing costs can be costly so make sure that it is worth it to refinance.
These offers are not for everyone. Many are struggling just to maintain current payments on their mortgages. If you have been able to keep current with your payments and your FICO score will allow you to refinance at a good rate, it warrants your due diligence to research your options
Market Continues Downward Slide , Got Cash ?
November 9, 2008 by admin · Leave a Comment
Investors all over the globe are losing money. Financial markets are trending down from Japan to New York with no end in site. The bottom seems a little further down than it did last month. This downturn has had some significant down days, some record down days, but mostly seems to be sliding downward over time. Mortgages are defaulting everyday. Should You Invest In Foreclosures ? The classic tracks of a bear market.
This has not stopped investors from investing, albeit with a different strategy. Investors generally flock to money markets, beginners investing in annuities, Bonds or CD’s. Herein lies a problem for investors used to double-digit returns and accumulating wealth.
Rather than looking for stocks, the search is on for the Best CD rates or the highest CD Rates, the best annuity rates and anything else where money can be invested safely and without risk to investment capital. Preservation of capital is job one!
This market will turn around. It always does, but this bear will be walking for while. One thing for sure, as soon as it does investors will jump back into stocks with both feet, until them , cash is king.