Its never a good sign when your home loan company files for bankruptcy. Sadly, thats just whats happening to many sub-prime mortgage lenders these days. Mortgage rates are low right now (about 5.5% – 6% for a 15-year fixed interest loan at the time of this writing), but the lenders who managed to stay afloat are tightening their lending guidelines. Should you get a mortgage while the housing market is so volatile?
Simply put, yes, you should get a mortgage if youre in a position to afford a house. But its not that simple. Before you sign that dotted line, you need to consider some things.
First, do your research. Learn about mortgages and mortgage professionals. If you get a good offer, dont assume that its the best youll get. Shop around and compare offers. You might find that that initial offer wasnt as great as it seemed. Compare the terms youre offered to the current national mortgage rates. You can find these online at My FICO. By familiarizing yourself with whats out there and with what can be expected, youre protecting yourself from scams.
Mortgage scams are a problem, but they can be avoided. Just remember that mortgages that seem too good to...
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