Now what have you done, Ben?
The earth is shaking or maybe it’s Ben Beranke, the Federal Reserve Chairman who reacted to the markets last week and rocked everyone with a 3/4 point reduction in interest rates. In case that was knee jerk reaction to the woes of Societe Generale in France, he followed it today with another 1/2 point reduction.
I 1/4 points in less than a week! Unheard of!
Will it stem the results of the sub prime mortgage crisis in the Country. No!
Will it help you get your ARM loan refinanced right away? Well just maybe. Look for a gold standard lender who knows his/her market and Refinance ASAP .
It may convince some of those self same bankers who contributed to this mess by pumping those sub prime loans last year and the year before to help get their borrowers out the sorry state they put them in.
Our suggestion - hie thee to the bank of your choice and refinance that damn ARM thats going to blow up pretty soon on you and start costing you all kinds of new monthly payments.
Waiting will cost you because pretty soon the collapsing home prices will eat out your equity along with everyone else’s and you’ll be unable to refinance.
Please don’t wait - do it tomorrow morning!