Fixed Rate Mortgages and Govt Support
Now that the mortgage mess is running full blast and people are losing their shirts with foreclosures happening at a record pace, the Council of Mortgage Lenders is saying that fixed rate First Time Buyer Mortgage could turn out to be popular with customers if they’re “handled properly by the government”.
I can’t help but to wonder about that. Particularly I wonder just how much more government involvement we really need. I seem to recall that this mortgage crisis that has people being foreclosed left and right is due in large part to government involvement.
I think that the best idea overall is for people to be extremely careful when borrowing money in any form, especially a mortgage because if you’re not careful it’s possible you could end up losing everything. The main thing is to not borrow or buy beyond your means. If you HAVE to borrow, then make sure it’s well within your means to pay it back and then whenever possible, pay it back early.
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