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mortgages: Option Arms; The Good, The Bad, The Ugly - 02/03/08 03:59 PM
Across America there are a record number of loan defaults and foreclosures and some blame, in part, a loan program called the Option Arm. The truth of it is these can be great tools for mortgage professionals to use with the right clients or they can be complete nightmares for others.
Option Arm’s give borrower’s great flexibility in payments, which can be very useful for those borrowers that have fluctuating incomes. Those borrowers that work on commission, receive a large portion of income as bonuses or those that are starting new in their business where a substantial change in income will … (0 comments)
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mortgages: Dis Arm? What To Do With Mortgage Rates at Multi Year Lows - 01/29/08 11:44 PM
I received a call Friday January 25th, 2008 from a freelance reporter in Los Angeles named Marcie Geffner who was doing a story for a well known bank website called BankRate. She wanted to interview me to get my opinion on whether those with adjustable rates should take advantage of the lower fixed rates and refinance. This interview led me to some important points that I want to make. It’s not a marketing secret that scaring the crap out of consumers is a pretty useful sales tactic. People buy on emotion and make emotional decisions and the news media and advertisers … (0 comments)
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mortgages: God Bless America! Nothing Saves The Financial Markets Like a Good Rate Cut! - 01/22/08 08:54 AM
In an emergency phone meeting, Monday night, the Fed Cut Rates .75%. The biggest one time rate cut since 1984. The Fed meet before its scheduled January 29th-30th meeting and is expected to cut again at that time. This move all but says we may be in a recession. The stock market is scheduled to open with its worse drop in recent memory and bad news for Bank of America, reporting it a 95% drop in net income and may call in to question the buy out of beleaguered Countrywide.
If Bank of America does not go forward with the Countrywide … (0 comments)
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Benjamin Borden
Richmond,
VA
More about me…
Virginia Mortgage Bankers, LLC
Address: 2567 Homeview Drive , Richmond, VA, 23294
Office Phone: (804) 282-8808
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