Wayne Boatwright > wrote:

>That's for sure. When we were planning on buying our present home nearly
>two years ago, we were told by the lender that we qualified for more than
>double the amount that we felt we could reasonably afford. We went with
>the amount we felt comfortable with, and insisted on a 30 fixed rate
>mortgage. Doing anything else would have been foolish and would have put
>us at the very risk that many people are facing now. We have refi'd once
>since then, and are planning to do so in the near future as rates have
>continued to drop in our area.

That's very sensible. You might also want to look at the 15
year fixed. Depending on market conditions, it can be a better
bargain.

Steve