3 or 4 Years Into a Mortgage?
This is a great article from CNNMoney. It kind of highlights the problem of ARM’s and easy credit/access to money. My favorite point is that the 3rd and 4th years of a mortgage are when most forclosures happen. Then there are relavant statistics on who has mortgages and who doesn’t.
It’s worth reading. It kind of highlights why I’m saving up a cash cushion right now instead of putting all my money towards my debt. Techincally, per Kiplinger’s tools, I should be putting away almost $8000.00 in cash reserves. If I meet my goal this year, I’ll be halfway there.
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