Foreclosures are still on the rise !

As Arms continue to adjust and housing costs such as insurance and taxes continue to rise borrowers are be squeezed right out of their homes. Look at the article about Colorado. Look at the Florida report on the same issue. Be careful not to fall into that huge bear trap. Do not get a ARM loan even if it saves you a little at first. A fixed rate will give you much more security and safety. You at least will have the mortgage amount locked in. Then you will "only" have to worry about the other items such as the insurance and taxes which are not so easy to control. Manage your finances buy locking in what will be very likely your greatest debt of your life to a fixed rate. You will be happy down the road that you did. Next, DO NOT buy more home than you can afford. Do not look down the road and say we can afford it in 2-3 years when this salary increase happens or that job promotion happens. Maybe it will not "happen" One thing for is the house payment will continue to "happen" each and every month. Live within your means and control your finances by keeping them manageable. Gain the knowledge you need to make a wise decision. If you are looking for a home to live in look with knowledge for the right price and the right rates and fees. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay one of the highest rates in the country on their savings account, with no minimums, no fees.