Avoid the problem - refinance now!
Posted by admin on February 12, 2008 in Finance :: Mortgage & Debt
The lead headline on the first page of the New York Times today (Feb 12, 200) reads "Mortgage Crisis Spreads Beyond Subprime Loans". The artcle goes on to say that as home prices fall and banks tighten lending standards, people with good, or prime credit histories are falling behind on their payments for home loans, auto loans and credit cards at a quickening pace.
In another part of the same issue of the paper it was reported that the White House and the Council of Economic Advisore feel that there is no recession and that the stimulus package will avert the crisis. Unfortunately the White House record on economic prediction is faulty to say the least. There are many in the financial community who are saying the recssion has already begun.
All of this leads us to once again speak to you who have ARM's approaching an adjustment period and strongly recommend you contact your lending institution's lending officer and see if you can refinance that ARM and replace it with a fixed rate mortgage. Things are going to get worse before they get better.
Don't put it off any longer, do it today.
