Homes in California – riding the tide.
I was speaking to my cousin from California last night. She was complaining about the high gas prices (reached $4.00 per gallon) and the rise of homes that are being foreclosed in her area. Recession is definitely here whether the President wants to admit it or not.
Since my cousin is becoming the real estate and mortgage expert (she went through classes to understand the market, the conditions and how to get in the real estate business), she did tell me that people who can afford to pay their own homes who didn’t opt for sub-prime loans can still benefit with a mortgage refinance if they need to. It is most definitely recommended for those who took out sub-prime loans whose interest rates have fluctuated since their ARM mortgages expired.
I suggest that if you are one of the folks that borrowed under sub-prime mortgages, consider refinancing now.
