The American Dream has always been to own your own home. Think of it! Free of rental payments going to someone and you gaining no equity in the property. It’s frustrating.
So frustrating that many people made the jump from renters to homeowners just two years ago when the market was attractive. Take the couple in California who, tired of renting, told their kids that if they skip vacations and eating out so often, they could afford a new home.
But the price was a killer even then. At $567,000, they needed to get into a loan that would allow them to ease into the high payments. They didn’t have much money for a down payment and chose an adjustable rate mortgage, meaning they would have a few years of low payments. Just what they wanted, they thought.
Their mortgage broker told them not to worry. In two years they could easily refinance and keep the rate down.
But now, it’s almost impossible to get refinanced if you have little money and little credit. The banks and mortgage companies are no longer loaning to people who are a high credit risk. So the couple in California are caught in a trap.
What’s worse is...
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