The beginning of the year is an opportune time to look at all aspects of your finances. Part of that is getting better organized for 2006.
More Quotes from Greg McBride:
Looking back 10, 20 years ago when interest rates were high, taking an ARM was a pretty good gamble because rates were more likely to go down than up. We're in the exact opposite environment now, and the likelihood is that will go up, not down.Greg McBride
But how the borrower performs after taking out the loan isn't' the best indicator of what's to come. The peak for delinquencies and defaults comes between years three and five.
Greg McBride
I don't think we'll see credit standards get too tight. To get the very best rate, borrowers are having to be more pristine in terms of their credit history and personal balance sheet. That makes borrowing more difficult, but it doesn't shut people out.
Greg McBride
The market is going to slow from the frenetic pace of the past few years. But with fixed mortgage rates remaining below 7 percent, and expected to (remain there) for the balance of 2006, the purchase market will still be very healthy relative to historical levels.
Greg McBride
That's quite the opposite of what it was six or 12 months ago when we were in a rising interest rate environment, ... At that time everyone was going with the shorter term so they could reinvest at a higher yield going forward.
Greg McBride
You can wind up in an unenviable position, selling your home and writing -- rather than receiving -- a big check.
Greg McBride
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