This is my call to action, my entreaty, my urging you to do something...now
If you purchased a home in the past year or two with an adjustable rate mortgage, please run, don't walk to your trusted and trustworthy mortgage broker and refinance into a fixed rate loan. If possible, get a 30 year fixed rate loan and never worry about the mortgage mess we are about to enter. Make sure the person you trust is not a mortgage broker who says things like, "don't worry about it, I'll take care of it" or "I am sure that when it adjusts, it will be a small adjustment, and anyway, the value of your house will increase well beyond the adjustment". If you need names of the good ones, the trustworthy ones, the ones who can tell it to you so you understand how it will affect you and who will help you get out of the fix you are in now, please call me - any time of the day or night for some suggestions. 510-409-6977. I don't care who you use to get into a fixed rate loan as long as they are trustworthy! Read the Wharton School of Business article from the link on this blog. Good article on SubPrime lending. That's all for today. Now down off my soapbox and on to easier things, like lunch.
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