Thursday, August 16, 2007

Another Big Lender went bust today

Today, First Magnus Financial Corporation, the 16th largest lender in America stopped funding loans (industry jargon for going out of business). Much the same as the troubles that shuttered American Home/ABconduit, New Century, and many more.

If you have an ARM or adjustable rate mortgage, I urge you to research your options now. Please take the time to research your families financial situation before your refinance options fade away and you are stuck with an adjusting ARM loan with high payments.