How sad it is to know that a lot of Americans that dived into the booming housing market a few years ago, are now challenged with the increasing interest rates of their mortgages. Foreclosures are aplenty and it’s unimaginable how it must feel to lose a home.
The situation is just out of control. What used to be a sellers market, has now turned into a buyers market. About five years ago, you’d hear a lot of people easily get approved for loans/mortgages. Seemed like it was easy to own a home, that I think, the financial responsibilities of owning one,was not exactly thought of and considered first. How else can one explain the high incidence of foreclosures? If one can really afford the mortgage, then, there shouldn’t be too many incidences of bad loans. The problem is, it was so easy to buy a house a few years ago. There were these no downpayment scheme that a lot of people thought, because there’s no money down, there are no consequences to it. Chances are, if you got no money to put down, how do you think the lender assess your loan? It comes with a high price. Your loan can get approved but you get a high interest rate or an ARM(adjustable rate mortgage).
Oh my, why on earth am I even posting this? The stock market is getting plummeted, that’s why… and I am concerned about it so, so, so much because I have my “future” at stake. Not even a Wall Street professional for a husband, can take away my worries. Ah, come what may….