We’ve all heard the stories about people getting into a mortgage without reading the fine print, or simply buying a home that they can’t afford. But the truth of the mortgage crisis, in my opinion, dives much deeper than that, and was undoubtedly brought on by the mortgage industry and the basic human need of “keeping up with the Jones’”.

First of all, we have adjustable rate mortgages that are about to expire. Many think that an ARM (adjustable rate mortgage) may in fact lead to a rate reduction if interest rates and whatnots drop when the terms of their mortgage expire, typically one, two or five years from the date of their first payment. The truth is, [Read more →]