Could an ARM be right for you?

A few months ago, President Barack Obama announced a foreclosure prevention plan called Making Home Affordable. The plan included provisions for those who wanted to refinance, but couldn’t because of their loan to value ratio. Refinancing would be encouraged for those who had a loan to value ratio of between 80% and 105%. The idea was to help those whose home values have dropped in response to housing market troubles.
Unfortunately, the program has been seeing limited success. It relies on voluntary help from mortgage lenders, and it excludes those with even higher loan to value ratios. Yesterday Obama made a …read more

Credit is harder to come by now.

This is a guest post from Matthew R. Bader, 1st Lt USAF. Be sure to share your thoughts and perhaps express your gratitude for his service to our country in the comments.
I think that I am rich. How can this be you ask? I am in the military, I am only 26 years old, I haven’t started my own business, I don’t work on Wall St, and I am definitely not featured on the cover of Forbes. I consider myself rich because I do not ascribe to the conventional definition of what being rich is. I have become rich …read more

Many in the mortgage industry, and even some in the stock market, are putting a lot of faith in tomorrow’s expected Fed rate cut. The hope is that, as happened in 1998, the stock market and the U.S. economy with it, will bounce back from the edge of despair. However, the Wall Street Journal points out that this may not be the case:
“The bounce-back in the financial markets is probably going to be smaller than it was in 1998,” when the Dow Jones industrials surged 20% from its close on Oct. 1 through the end of the year, says Jan …read more