The news about the fall of Lehman Brothers, the sale of Merrill Lynch to Bank of America and the big slump in the shares of American International Group was tragic enough by itself, and immediately led to a 500 point drop in the Dow Jones Averages.
Anyone who has been shopping for a mortgage for any time will know that a lock in period is the period during which the bank guarantees the rate and points of the mortgage loan. For instance, if you receive a 30 day lock in for 6 % and 2 points, the bank has to honor that rate and number of points, even if the interest rates go up within that 30 day period.
When credit consumers take out a new financial service such as credit, a loan or new mortgage they are also offered Payment Protection Insurance which protects them if they experience difficulties in paying for the loan by means of unemployment, injury etc.
It is difficult to find out exactly what a reverse mortgage is all about, since most of the information comes from the banks who are selling them. Try to get unbiased information, from a government site, for instance, instead of paying attention to lender’s hype.
If you are one of the very few who still have to decide what to do with your tax refund, here is a great suggestion. If you still haven’t decided what to do with this refund, or any other windfall you may get, such as a bonus, think about the advantages of prepaying your mortgage.
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