If you don't have a fixed rate, refinance asap!!!

Ours is fixed, but my brother has balloon loans! Yikes!!!! He owns 3 houses in Florida. He was living in one and decided to build another one at what turned out to be the tail end of the hot market. That one started to go under, so he contracted to build another one. All of a sudden, the one that was bottoming out was up and running again, and since he was technically still under contract with them, he couldn't get out of it. So he had 2 houses being built at the same time. The got finished within 2 months of each other, so he lives in one new one, rents the old one and another new one. On the 2 new ones he has these balloon loans. He wants to just get his 2 years out of one of the new ones so that he can sell it without paying capital gains tax, but I'm scared to death that he is going to lose his shirt.

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Parker, Wyndser, and Carson....................Wyndser (in blue) with her cousin

We had an ARM for about 7 months and it went up over 100.00 in that time and I HATED the insecurity it held.W e did a refi in Jan. at a higher then good rate but at least we know what our payment will be from month to month!I hope those who have it are able to get it before it gets them.

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~~Sharon~~

Never had an ARM-way too paranoid to.. lol
Sadly 3 of my friends are in foreclosure now-One will file a chapter 13 to save her house, one is going to pull $$ from her retirement fund to catch up, and one is trying to short sale her house now.