florida mortgage: Florida Mortgage Rates Hit 4.5% - 12/05/08 09:07 AM
Florida Mortgage Rates have reached the lowest they have ever been on a 30-year fixed rate mortgage, as mortgage rates have dipped to just 4.5%, falling below even the lowest rates seen in 2003. Now, more than ever, homeowners should be rushing to refinance or purchase homes as these rates may never be seen again.
OK, hopefully you have already realized that the above paragraph isn’t true, at least not yet. However, the lunacy of our Treasury Secretary (Henry Paulson) and Federal Reserve chief (Ben Bernanke) may yet make that paragraph a reality. Treasury Secretary Paulson openly admitted he wants mortgage … (10 comments)
|
florida mortgage: An "Obama Nation" Brings New Life to Mortgage Planning - 11/05/08 01:07 PM
Ever notice how Obamanation, a term being thrown around a lot, sounds eerily similar to abomination? OK, we won't dwell on that, but let's look at Barack Obama's past and how his actions speak for him more than his words. Then we will relate them to how that equates to an increased need for using a genuine mortgage planner.
Barack Obama promised tax cuts to "95% of Americans", and then started defining that as those making less than $250,000. If you could cut 'BS' with a knife, his words allow for plenty of cutting as it didn't take long before that … (4 comments)
|
florida mortgage: It is With Great Sadness That I am Writing This - 09/17/08 08:21 AM
If you have been reading the Florida Mortgage Report for a while, you undoubtedly have read some of the posts about home equity and how easily it can be wiped out in a disaster. Every year as hurricane season approaches, I inform readers to make sure their home equity is prepared and protected, something that is not on any other emergency preparedness list out there.
Yesterday, just prior to jumping on the airplane to return to Miami, Florida, I learned that a Captain I flew with last month lost his home to Hurricane Ike. His home WAS located in Galveston, Texas. … (3 comments)
|
florida mortgage: Fannie Mae and Freddie Mac: Doomsday of the Financial World? - 09/12/08 11:06 AM
Many have inquired about my take on the government's takeover of Fannie Mae and Freddie Mac, even some in the media. I had been sitting be the wayside, actually taking care of business, and had set the issue on the back burner, until now.
Just why in the heck did the government take over Freddie Mac and Fannie Mae? And is it all for the better,or worse?
The obvious reason the government wanted to take over these two mortgage behemoths was to calm the markets, even to indirectly send mortgage rates lower in another feeble attempt to spur the housing market. … (9 comments)
|
florida mortgage: Emotions and Finances (Including Mortgages) Should Not be Mixed - 08/25/08 03:30 PM
Hopefully, you have not learned this rule the hard way. The bottom line is whenever you make any financial decisions allowing your emotions to enter into those decisions, you will lose money, and usually lots of it.
I know that all of you are likely emotional about your finances. Those of you whom have been divorced were likely separated due to your emotions over your finances. The problem is that emotions cloud your judgement and lead to mistakes, and that fact reigns true in your finances.
If you are currently looking at the stock market being down for a long period … (3 comments)
|
florida mortgage: Just How Hard Is It to Make Money? - 06/06/08 04:35 PM
You know I am an advocate of investing versus paying off your mortgage, at least until you have your entire financial and investment plans fulfilled. You know that the reasons come down to liquidity, safety and rate of return, the latter being the point I am going to target today.
Most Americans, and especially those falling prey to the glamour of a paid off mortgage through mortgage acceleration programs such as the Money Merge AccountTM from United First Financial, do not realize the true cost of their financial decisions. They fail to realize that Everything is 100% Financed!!! Yes, even when … (4 comments)
|
florida mortgage: Big Brown Wins Kentucky Derby: Are You Winning That Rate Shopping Game? - 05/04/08 10:01 AM
Many thought Richard Dutrow, Jr. was, dare I say, egotistical since he was saying this week that his horse, Big Brown, would win the Kentucky Derby. Many thought he was overconfident and that the odds would prove that since they were against "inexperienced" horses.
Nevertheless, Big Brown did pull off the win. So, what does that have to do with mortgages and rate shopping in particular? Let's compare races.
Many Americans, if not most, have gotten caught up in the race to get the best deal on a mortgage . As they run that race, the furious contact lenders, fill out online forms, … (3 comments)
|
florida mortgage: Mortgage Transparency Kills Mortgage Service: Will the Mortgage Industry's Commoditization Follow That of the Airlines? - 04/17/08 12:55 PM
The latest move in our industry, fueled further by its recent implosion, is that of transparency in the mortgage transaction. For starters, I am all for that, though you may not feel that way after reading this. Why? Because of what transparency encourages.
To truly understand what I am getting to, let's look at what has happened to the airlines in the last 30 years or so. Some of you are old enough to remember the "glamour" that surrounded airline travel. In fact, families would save for years just to afford to take a vacation that included air travel.
However, deregulation took over … (30 comments)
|
florida mortgage: Money Merge Accounts: My Sincerest Apologies to Those With MMAs - 01/15/08 10:24 AM
I have some regret that I have to admit to about these programs. I feel like I failed consumers by allowing them to be misled for far too long. The truth of the matter is that I have done some more calculations, many of which I should have done back before I even posted my first blog about the subject way back in February 2007. The bottom line is that I have now done those calculations and it is time to let the truth out.
Once again, I have simply taken the information from United First Financial's own presentation on their Money … (19 comments)
|
florida mortgage: This is a "Be Careful What You Wish For" Post - 12/04/07 09:37 PM
Recently, I began asking for more testimonials, something I usually do not do as I would like to think I would receive them when my services warranted. Then I read something, somewhere that showed statistically that if you do not ask, you will not receive. Well, being the numbers kind of guy I am, I realized quickly I needed to start asking.
Well, I have not mastered the art of asking for testimonials, but decided to ask one of the many non-clients that have come to me for advice to provide a testimonial if he chose to. To say I was blown … (9 comments)
|
florida mortgage: Really Simple Currency Investing Creates More US Money - 11/29/07 11:17 AM
Ok, as promised, here is what would have happened with your $10,000 investment when converted back to today's USD during the same time as my previous post's housing comparison.
For a quick overview, this chart is based on you simply converting $10,000 USD to another currency and switching it back to USD today. There are numerous ways to add additional rates of return (safely) in those other currencies and you would be even further ahead. It is also not adjusted for inflation.
As you can see, a fairly good hedge against the devaluing of the USD, and your home is by investing … (6 comments)
|
florida mortgage: Just How Cheap is That House in Florida for Foreigners? - 11/29/07 11:12 AM
(Disclaimer: I know I said I would not be posting, but I did this one and will add the other simply because you will probably not see an analysis quite like this anywhere else...You should read both posts today)
For those of us here in the states, we see our home prices falling and in many cases, particularly South Florida, plummeting into an abyss (Ok, it isn't quit that bad, but for some it seems like it). With Existing Home Sales dropping at their fastest rate in decades (many relating it back to the Great Depression) and the continued fallout for the credit … (3 comments)
|
florida mortgage: Would You Rather Spend $6 to Save $4 or Spend $4 to Earn $6? - 11/28/07 01:57 PM
When you look at these numbers, it doesn't seem to really matter, does it? After all it is only a difference of a couple of dollars. Yet, look closer and you will see that in the first scenario you are losing $2 while in the second scenario you are gaining $2. OK, still small potatoes, but now it is $4 (a fancy cup of coffee at Starbuck's).
Think it is still no big deal?
OK, let's multiply that by 1,000. Still think it is small potatoes?
Now, let's compound the problem over 30 years. The difference clearly gets magnified over time. … (5 comments)
|
florida mortgage: Why Aren't Homes Selling? This Should be a Clue - 09/21/07 12:52 PM
Ever wonder why there doesn't seem to be any homes being sold in your area? Granted some areas are doing well, but a survey released today from Reuters/University of Michigan provides an insight as to one possibility.
The survey revolves around the homeowner's perception of their own home values and the headlines today stated the obvious, a record 26% of US homeowner's say the value of their hoes has fallen during the past year. The survey also showed 21% of homeowners expect their homes value to decline in the year ahead. OK, the news ran with that, but take a different look at … (4 comments)
|
florida mortgage: Will the Fed Regret Cutting Rates? - 09/20/07 11:10 AM
With the 50 basis point cut on the Fed Funds Rate, what is going to happen, and could it ultimately have the opposite effect?
Sure, it will help many ARM holders, as well as those with HELOCs, credit card balances and some others. But what about the long run? It hurts those trying to save money, encourages adding more debt, and may even create more inflation.
All of that may occur, but the reality is that the rate cut will not help homeowners who are already in trouble, so it does little to help the credit crunch. And what about mortgage rates themselves? What about … (5 comments)
|
florida mortgage: Government Reacts Now That Enough "Blood" Has Spilled - 09/20/07 11:07 AM
It never ceases to amaze me how much the government reacts, usually overreacts, to things long after they have been done. Take the subprime mortgage meltdown, for instance. No reaction until enough turmoil (bloodshed) has developed and after it spilled over beyond the "subprime" sector, which had been forecasted, even by myself.
Now the Fed is reacting, cutting rates by 1/2 percent and scrambling to crack down on abusive and bad lending practices. Big Ben was speaking before Congress today and stated that the "Federal Reserve takes responsible lending and consumer protection very seriously...We are committed to preventing problems problems from recurring, … (2 comments)
|
florida mortgage: Is Your "Lost Home Equity" Working for You? - 09/18/07 11:22 AM
I am sure you are asking yourself, "what the heck is this guy talking about?" Well, if you have been focusing on paying off your mortgage, you probably have no clue. Here is what I am talking about.
You may have missed this stat recently released...US 2Q Homeowner's Equity Falls to 13 Year Low. Surprised? You shouldn't be. With all of the recent gains in real estate over the last several years, many homeowners have rushed to cash in some of that equity. Most, unfortunately, went out and spent it or otherwise failed to receive the benefits of proper utilization of that … (0 comments)
|
florida mortgage: Did Anything New Come Out of the Hole? Jackson Hole that is. - 08/31/07 12:45 PM
As you more than likely already heard, Big Ben Bernanke was speaking today in Jackson Hole, Wyoming. What is amazing is how investors and analysts really wanted to get him to say if the Fed Funds Rate was going to get cut on Sept. 18th. Yeah, like that was going to happen. I will get into the reasoning why later.
Big Ben did say something that is a hint of what will likely happen, and that is that downside risks have risen "appreciably" and that losses attributed to the credit markets have "far exceeded even the most pessimistic projections." Remember that we … (4 comments)
|
florida mortgage: Finally, Reality Gets Some Recognition - 08/30/07 11:17 AM
I have talked to many a person, probably even blogged about it, but the media is finally letting the news out. That is about the reality surrounding foreclosures.
We have heard time and time again about the rampant increase in foreclosures and we even hear the government talking about the need to "protect the homeowner". The problem we keep hearing is that of the typical "family losing their home" scenario, driving into us the emotions that it just isn't fair that they are losing their home and now they are left on the street.
Today, MarketWatch writer Ruth Mantell took on the task … (2 comments)
|
florida mortgage: OK, Apparently not Everyone is Getting it? - 08/30/07 09:50 AM
What am I talking about? How mortgage interest rates are driven. I continue to see so-called experts, politicians, etc. stating that a Fed rate cut will help adjustable rate holders. That is not the reality.
What drives mortgage rates are Mortgage Backed Securities (MBS). These are the bonds that are a "package" of home loans that are sold on the secondary market. Just as regular bonds trade, MBS trade on an open market and are subject to market forces, not what the Fed does with their rate. In fact, many times mortgage rates move in the opposite direction as the Feds!
So, reality … (2 comments)
|
|
|
|
;)
;)
;)
