Mortgage Review Example: Determining if it Makes Sense to Refinance
When new clients and referrals ask me for an interest quote, I have a quick series of questions that I ask them. If you’re seeking a quote, you’ll get the same from me, so I wanted to list them here: What is the current loan balance, interest rate and monthly payment...What are Banks’ Lending Requirements for Refinancing?
In this low interest rate environment, we have an opportunity to buy and refinance at some amazing rate levels. I last saw such low rates in 2003, but we are now in a completely different lending landscape. Lenders are very cautious of who they are lending to and want...Why Fixed Rate Mortgage are Cheaper in Rate than Adjustable Rate Mortgages
We all know how the concept of risk and return in our financial lives normally works … the more risk you take on, the greater your potential profit (or loss) can be. The less risk, the less you can potentially make (or lose). In “normal” markets,...The Latest Scoop in Mortgage Market News
GREAT news: The Federal Reserve announced last week that it would buy $600 billion worth of Fannie Mae and Freddie Mac Mortgage-Backed Securities. With the guarantee that the government will buy these mortgages, rates dipped dramatically. This action by the Fed will...The Concern of Deflation
The Fed Minutes from the October meeting were released yesterday, and the hot topic was the concern over deflation. This news caused stocks to tumble and investors to pour their money into the security of Treasury Notes. Generally, the Fed has two jobs: the first is...Economic News Update
The big news of late has been the potential government bailout of the Detroit Three: General Motors, Ford and Chrysler. Because of poor sales, our domestic auto makers are running out of cash and can’t keep up with costs. The concern is that if the government...Retailers Filing for Bankruptcy: Use Your Gift Cards!
Beware of giving and receiving gift cards this holiday season. If you have a gift card or store credit with a retailer that has filed for bankruptcy, you can be pretty assured that you won’t ever see that money. You could try standing in line behind creditors in...Loan Limits Change
2009 Conforming loan limits remain the same: 1-Unit: $417,000 2-Unit: $533,850 3-Unit: $645,300 4-Unit: $801,950 2009 Conforming-Jumbo loan limits for 1-Unit homes are effective January 1, 2009. Counties with the highest limit of $625,500: Alameda, Contra Costa, Los...*THIS* is Why a Good Credit Score is so Important:
From one day to the next, hits and improvements on credit score brackets got much stricter. Hits for lower credit scores (anything below 740) are bracketed by increments of 20 points starting with a 620 FICO. Based on today’s interest rates (which are really good...Loan Calculator
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