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I'll be honest -- I didn't think much about mortgages before I bought my house. Yeah, I knew that mortgages were secured loans with the money guaranteed by a lien on/interest in the house itself, but never about the process of getting one. I went in blind, never stopping to look at a mortgage calculator to figure out what I could afford or considering different types of loans. Fortunately, I got in with a good broker who found me an excellent mortgage loan at a good rate -- but I hear today about a great many folks who didn't luck out like I did, and are losing their homes because of adjustable rates or outrageous payments.

Frankly, I'm glad I'm not looking for a house today or seeking to refinance because I am locked in at a very good rate that I've found I cannot beat. However, my friends seeking mortgages today appear to be entering the process with a lot more understanding and knowledge than I had. In addition, recent financial setbacks in the mortgage market are making those high-risk and exotic loans a little less common, as lenders seek to protect their capital -- which in turn protects buyers from getting into financial trouble, though that isn't out of any sort of altruistic motive on the part of lenders.

For information on types of mortgages and refinancing your home, visit Rebuild.com. They have many great articles on motgages and other loans.

Posted by: Greg at 06:59 PM | No Comments | Add Comment
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