As I begin to navigate through the mortgage market once again, I feel that half of the craziness in this aspect of finance is because a majority of the industry is built on family tradition.
Everyone in America, employee or employer, man or woman, young or old, highly educated or high school dropout can become wealthy. It can happen quickly, or can take decades. But as my favorite announcer, the late Paul Harvey, would say: And now the rest of the story. . .
In the big financial mess that started in 2008 how many houses with a 60% loan to value or less were foreclosed upon? How many borrowers with at least a quarter of a million dollars in liquid assets lost their house? Keep these questions in mind as we will touch upon them soon.
It is time to stop the normal pattern of everyone taking a 30 year fixed. There are a few reasons why most people haven't even considered other loan types and they are as follows:
Uncle Sam, as you may well know, is in the money printing business, QE 1-4 and then probably more, at least until after the 2014 election.
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