Re: Anyone Have Mortgage Questions?
Jay I would like to just say that there were more idiots out there that were taking advantage of the rising value of their homes and using the equity like a checking account....from much of what I read more of the foreclosures were comming about from that reason alone, more so than being dealt shitty loans. Granted we all know banks were writing anyone at that time as well. The combination of the two really left some in a bleak disposition. Also the penalties for foreclosure are not strict enough to make people stick to their loans, most if they hadn't put a large sum of money down had no skin in the property and subsequently foreclosed....my point being while many americans want to blame the banks (which are at fault too) people need to realize that most of the foreclosure rate has to do with the individual mis-managing equity rather than getting a shitty loan.
That said, what are the rates looking like these days for folks with stellar credit?