Today the Fed announced its second consecutive interest rate decrease and cut rates (Fed Funds) another ¼%.
 

If you currently have an adjustable mortgage that is scheduled to be recast in the next year, now is the time to think about converting to a more conservative loan program.  Even for those with poor credit, there are plenty of options, such as FHA or the new FHA Secure loan.

If recent rate cuts have you considering a purchase (home or investment property), now is the time to position yourself. Credit guidelines have become more stringent and your FICO score has become even more important. Talk with a reputable lender and get prequalified for a loan that you can afford.  If your FICO isn’t as high as the lender requires, now is the time to work on repairing it – so that when the right property comes around you are able to obtain a great loan.