Posted by npross on 9/26/10 12:49am
Msg #354072

I hope everyone had a great month!

Business Rocks. Thank GOD. Everyone should save for that rainy day. Rates will go up soon.

Reply by Shoshana/AZ on 9/26/10 1:01am
Msg #354076

I agree about saving for a rainy day. However, I don't think rates will be going up for quite a while. Despite what the experts say, we are still in a very severe recession. It's going to take a long time for the housing market to recover.

Reply by npross on 9/26/10 1:29am
Msg #354083

I agree. But as values keep plunging you don't know if someone can refinance next year when their property value is $10K+ lower. My motto:
All things don't last, good or bad. So in financial situations, pretend your only making the minimum and save the rest or pay off your debt, especially your mortgage debt. People with the most financial freedom, don't have mortgage debt.

Reply by Ilene C. Seidel on 9/26/10 5:08pm
Msg #354156

I ask my borrowers about their appraisals and if they are satisfied on the appraisal of the property. Most are not shocked and seem to think the value of their homes have leveled off based on home sales in their area. From what I see values have stopped decreasing in Maryland. I also think interest rates will stay down for a while the housing market can't take higher interest rates at this point.