You do have rights as a borrower

If your looking for a mortgage and at the end things don't look the way they were promised you do have a 3 day recission period in which after the loan documents have been signed, you have the right to change your mind. It is the job of any loan officer to fully disclose the terms and fees of any mortgage based product.

If your loan officer is trying to rush you through the process, it maybe time to set back and examine the loan offer and it's terms. If you don't understand the loan your looking at, ask a friend or relative to look over the papers, or seek advice from an accountant.

The mortgage rules have changed

With foreclosures at a record high, lenders have had to retool the entire mortgage lending proceedure. No more stated income loans, inflated home values. The one thing that really hasn't changed is the mortgage brokers ability to mislead you. Mortgage lenders do not have to adhere to the same guidelines and brick and motar lenders. The only goal for a mortgage lender is to get your name of the bottom line and move on to the next customer. I would say that the mortgage brokers could be blamed for the majority of the bad loans now being absorbed by banks and investors.

Driving habits will change

With oil at $140 today the way Americans drive will change. At some point the cost of fuel for personal vehicles will become so high it will require drastic changes in order for people to keep from going broke. Every dollar that is spent on fuel is one dollar less that can be spent on other things such as food, utility bills, clothing and so on. The average citizen only makes so much money every month and now with budgets being stretched, some will have to make critical choices.

80,000 jobs lost in March

If were not in a recession, then I don't know what you call it. With a recorded job loss figure of 80,000 jobs, that brings job loss to the highest point in five years. Most of those jobs were in manufacturing, financials and retail.

Housing values continue to drop

Today's news regarding home price was not encouraging. The value have dropped more than any time since they have been keeping track of the stats.

Eventually housing will turn around but things will be much different regarding the purchase and refinance of homes in the future

The new car mentality

We've all had it, just as winter comes to an end and the weather starts to change, flowers start to bloom. Suddenly this feeling comes over you. I sure would like to have the new car I saw on tv yesterday.

That all sounds fine up to the point where you actually take action and to into the dealers showroom. This place has more pitfalls than an Indiana Jones thriller. There is danger lurking around every corner, from the pushy car salesman who doesn't care what you drive as long as it shows up on his commission check.

Then you have all the different models and features, and of course if you buy this beauty you want to protect it with rust proofing, clear coat and that nice extended service protection. Guess what, you just made your local car dealer lots of money. But what did you get out of the deal?

First you got a new car that will depreciate thousands of dollars as soon as you drive off the showroom floor.
Second most new cars have adequate rust proofing from the factory, in fact adding after-market rust proof if not done properly can actually accelerate the rust process.

Then you have that nice big expensive service contract. Sure you may need service other than scheduled maintainence. But if you read the fine print there are stipulations and conditions that come with the extended warranty.

As I said in one of the earlier posts, the best weapon you can take with you to the dealership is knowledge. Knowledge of what the new car you looking at cost the dealer, look at reliability of that model (this can be done by going to consumer reports or even some of the car sites on the internet).

Don't just walk in unarmed because they will run the profit flag up to the top of the pole thanks to your lack of knowledge.