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Wednesday, November 12, 2008

Mortgage rates

Mortgage rates have been talked about on the news today. Since I am no financial genius, I have a question. Since when is a 38% of total udjusted gross income a good idea? I just calculated out our mortgage, and when we refinanced, our rate is still much lower than that. Michael and I still barely manage to fund everything, from car payments, to other bills even with that percentage being much lower. No wonder people are forclosing and defaulting on loans. Is this a normal rate to concider? I couldn't imagine it.

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