As I was driving in my car recently, listening to CNBC, the analysts were in a heated discussion regarding the mortgage crisis and falling credit markets. As I listened, I remembered that when I bought my home interest rates were at an all-time high, mortgage rates were at an all-time low and many people were being approved for more money than they could afford. Our mortgage broker was advising us to purchase a 5/1 ARM because our strategy was to buy a home, build some equity, receive tax benefits and then, in approximately five years, scale up. At the time, this plan made sense, but my business acumen told me otherwise. I had to make a big financial decision due to a contingency in our offer.

 

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