Random Musings of a Curious Mind


"It is an old maxim of mine that when you have excluded the impossible, whatever remains, however improbable, must be the truth."
-Sir Arthur Conan Doyle, The Adventures of Sherlock Holmes, "The Beryl Coronet"

Sunday, November 11, 2007

Mortgages

I think I have mortgages on the brain. Lately, I've been doing a lot of research, because the market around here is changing monthly. While there have been some defaults on sub-prime mortgages, there are a large number of contractors, with homes on their hands, who are eager to sell. I've even seen companies who are still willing to help people with poor credit remortgages.

When I started to compare mortgages, even though our credit isn't the best, I found that we have some interesting options. Here in Arizona, there are lenders who are still working in the sub-prime arena. Not to mention, there are FHA mortgages, where the government insures the mortgage, that are still very attractive to most lending institutions.

Of course, with the financial problems that have been plaguing the housing industry, you can't just walk in and say, "Hi, I wanna buy a house," and necessarily strike gold the first time. It's important to research what the lender / mortgage company is offering, naturally. But it's also critical to research the company itself.

I can't be the only one in the world who's heard about finance companies cheating people by dramatically increasing their mortgage payment with hidden fees and points.


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Jules

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