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SMI Visitor's Blog
     Welcome to the SMI Visitor's Blog where you'll find selected excerpts from our Member's Blog, plus occasional posts created especially for our visitors. For SMI Web Members, click here to go to the SMI Member Blog. January 8, 2009Lowest mortgage rates in decadesMortgage rates continue to drop to levels not seen in decades. 30-year fixed rates are hovering around 5%, while 15-year rates are approaching 4.5%. We've blogged on the idea of refinancing a current mortgage before recently, but it's worth mentioning again because it's such an easy way for many families to put money back in their pockets (or better yet, get out of debt sooner!). The catch here is that only those with solid credit scores are going to qualify for these refinancing rates. But this is one case where following the biblical priorities of paying down debt and establishing savings (two disciplines which will presumably have helped your credit scores) can have a very direct and tangible impact on your finances. I know several friends who had "good" rates before that have recently refinanced into "great" rates. It's worth looking into. Note that while these lower rates are great for refinancers, many are still warning new buyers about purchasing too soon.  Email this post
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Political leaders and central banks round the world have done everything they can to prop up failed banking institutions, and lending that was risky from the onset. We will not have a proper self sustaining recovery without an end to deficit spending and lots of financial institutions going bust. I find discussion about personal finance and loans a bit meaningless. I also think the home prices have to fall a lot even now. I mean why would you want to own a home in the US or France? Isn't it much more cost effective to rent?