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I'll be honest -- I never thought much about mortgage before I bought my house. I knew they were secured loans with the money guaranteed by the house itself, but never about the ins and outs of getting one. Today I hear about too many folks who are not good credit risks who got unsuitable loans, and are losing their shirts 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, I keep hearing about folks getting a bad credit mortgage to try to reduce payments on their home. Others have begun to seek some sort of mortgage payment protection in case adjustable rates increase or unfortunate circumstances cost them a job or otherwise make paying the mortgage untenable.

Posted by: Greg at 06:49 PM | No Comments | Add Comment
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