Watch Your Mortgage Rate

As you have undoubtedly heard, this real estate industry is facing a major problem due to the fact interest rates are going to reset on mortgages this year. From October 2007 to October 2008, it is estimated over 800 billion in mortgage loans will reset their interest rates per the terms of the agreements. Most of these are hybrid and adjustable rate mortgages. The average payment adjustment will be $1,250 to $1,550. If you currently have a mortgage, make sure you know what is going to happen with it and whether you need to adjust your financial planning.