This is Spencer's area of expertise but I wanted to chime in about the current mortgage market. Spencer, please correct me if I'm wrong.
As most everyone knows, ARMs, or adjustable rate mortgages have reset or are about to reset for many borrowers. This means a higher mortgage payment which you may not be able to afford. One solution is to refinance your current loan. Do call Spencer about this as he may be able to get some of you into better loans. Contact him for the details.
Another possible solution is the temporary freezing of rate increases for ARMs currently in the works. Click here for the article in the Sacramento Bee and feel free to call Spencer or myself if you need more information.
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It is true we are experiencing a huge number of ARM resets right now. The peak in resets will be this spring. It is a big part of what is driving the "correction" in the market right now.
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