The real housing story
Dave rants about foreclosures, how many are packed into a little territory, and what the real story is behind the housing situation in America today.
Scared of the future
Question: Debra bought a house in 2006 at a 9.5% interest rate with a prepayment penalty that ends in August 2009, but then it turns into an adjustable rate mortgage. Her husband was just laid off and she is scared. Last year they made $48,000 and they have a $675 house payment. Should they refinance now?
Dave Ramsey's advice: I know it's a scary time, but your husband can pick up a job delivering pizzas and you guys can make this until he lands a job. I don't think you can refinance right now, and you bought a ripoff subprime loan. You got ripped off, but you're going to be fine.
Breaking down the house buying
Dave talks about 3 things in the homebuying front that everyone needs to know. One involves how the low interest rates mean it's a great time to buy a house if you can afford it, and another means it's good to refinance for the same reason.
