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mortgage advice: Should Mortgage Professionals and Real Estate Professionals Give Tax Advice, or Any Other Advice for That Matter? - 07/29/10 04:00 PM
There have been a wide variety of posts on this exact question, the vast majority of them saying that real estate professionals and mortgage professionals should not be giving tax advice, financial advice, or any other type of advice and strictly adhere to only what they should talk about. Many of these professionals do hit on some “advice” topics, of course with the caveat that they should seek a “appropriate professional” for further advice.
One case in point is the recent topic of points and whether or not they are deductible. I am not sure which post started Lenn Harley’s post, … (3 comments)
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mortgage advice: The High Cost of Waiting for Lower Mortgage Rates - 02/13/09 03:33 PM
Many of you reading this have been waiting for those government promised mortgage rates of 4.5%, or even lower. Do you realize those rates may never come in actuality? Can you comprehend how much money you are wasting by not refinancing or outright purchasing a property right now?
First, let's look at those of you waiting to refinance. Since rates are currently around 5% and it usually doesn't make sense to refinance with less than a 1% drop in rate, let's put together a scenario. You have a $200,000 loan at 6%, with monthly mortgage payments (not including taxes and insurance) … (3 comments)
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mortgage advice: 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)
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mortgage advice: Don't FIX It if Your ARM is Not Broken - 09/18/07 11:19 AM
Many homeowners have been rushing to refinance their Adjustable Rate Mortgages (ARMs) into a Fixed Rate Mortgage, mostly out of fear.
While it is true that many ARMs adjusting this year will put homeowners into increased mortgage payments, some of which they will not be able to afford. However, I am approached by many ARM holders who want to refinance and they have a while, sometimes a couple of years, before their ARM adjusts. Should they follow the herd?
The answer is a definitive NO! Sounds strange coming from someone who makes money selling mortgages, doesn't it? Well, the reality is that … (5 comments)
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mortgage advice: When Ben Stein Speaks, People, Well They Probably Should Listen - 07/14/07 09:44 AM
Chances are you know who Ben Stein is, but in case you don't..."Bueller...Bueller". That's right, he played the Economics Teacher in Ferris Bueller's Day off. He also ran a game show on Comedy Central called "Win Ben Stein's Money".
You may remember these shows, but his background goes much deeper than just his "humor side". Things you may not know are that he is a lawyer, economist and commentator on finance. He runs a bi-weekly column in the New York Times, has been a longtime contributor to Barron's, and a columnist and editorial writer for the Wall Street Journal. He even has … (10 comments)
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mortgage advice: Mortgage Interest Tax Deductibility - How to Exceed the $1.1M Limitation - 06/25/07 03:14 PM
Let me start off by saying I am not a tax advisor, I am a Certified Mortgage Planning Specialist and that this post, like others is based on my level of knowledge and expertise and may or may not apply to your specific situation. This is derived from tax codes and simply shows the possibilities you may have to deduct mortgage interest beyond your current limitations.
OK, quick recap on mortgage interest deductibility...
Acquisition Indebtedness (AI) - As implied by its name, it is the debt at which you obtained the home originally. If you pay down (or off) your mortgage, it is reduced. … (2 comments)
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mortgage advice: Realtors, You should be scared right now! - 06/09/07 07:11 AM
Why did I start off with this statement? The recent destruction in the Mortgage Backed Securities market has driven interest rates up significantly recently.
That means one thing. Your buyers cannot qualify for as much of a mortgage as they used to!!!
That's right, if your buyer has not locked a loan (and if they haven't signed a contract yet, guess what) they are more than likely not "pre-approved" anymore. That means you need to rethink your list of homes that you should be taking your client to this weekend.
The fact of the matter is that interest rates have risen as much … (7 comments)
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mortgage advice: You Want to Own Your Own Home, But Do You Own it the Right Way? (Part 1) - 06/06/07 10:39 AM
Most Americans think the same way and do not realize the old way of getting a mortgage is the wrong way to get the mortgage. They need to realize that things change and we need to change with them to take full advantage of the opportunities we can receive.
Let's take a look at two individuals that are in the same situation. There names are Stan and Tom. They both currently earn $75,000 per year and have $50,000 in cash. They both go out and buy $250,000 homes. Tom wants to minimize his mortgage, so he uses his $50,000 in savings as … (3 comments)
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mortgage advice: Is Paying Off Your Mortgage Actually Costing You? - 05/14/07 09:00 AM
Many Americans still believe that paying off your mortgage is the best thing you can do. After all, it is a guaranteed savings, right? Well, let's take a look at it further.
Right now, there is a new craze in the mortgage industry, one that is being marketed heavily and is being presented as the best solution for you to pay off your mortgage in as little as 7 years. But is this the best thing for you, or could it actually be costing you more money?
Those that offer these programs have different names for them, Money Merge Accounts, Mortgage Accelerator, Homeownership … (7 comments)
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mortgage advice: Are You Trying to Pay Off Your Mortgage Faster? If so, Read This...(Part 2) - 05/09/07 12:17 PM
(If you did not read Part 1, please go back and read it as that is the basis for this post.)
In the last post, we left John without a job the couple was forced to sell their home at a loss to avoid foreclosure. We also mentioned how they regretted their decision.
So, with continued analysis, let's first look at how they could have done better even with a 15-year mortgage and we will assume the couple has no financial difficulties. John and Jane made a decent amount of money and found themselves in the 31% tax bracket and stated they planned … (4 comments)
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mortgage advice: Are You Trying to Pay Off Your Mortgage Faster? If so, Read This...(Part 1) - 05/09/07 09:30 AM
Most Americans dream of owning their own home, and owning their home free and clear of a mortgage. While that may be a noble goal, they go about it the wrong way. To assist in emphasizing this fact, we will take a look at a couple who are trying to decide which loan is better for them. Here is their scenario...
John and Jane are in their early thirties and expect to be working for another 30 to 35 years before retiring. Traditionally, most couples in their position would have gone for the 30-year conventional home mortgage. John and Jane, however, have … (5 comments)
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mortgage advice: Watch Out for Falling... - 05/08/07 01:28 AM
I was doing some research today and looking into the future of the mortgage market. It never seems to fail that technical indicators portray a good glimpse of the future, and with that in mind, I am off to predict the future of interest rates.
Many of you may know that I run another blog off my main mortgage site that posts updates on the mortgage market and provides locking guidance for those that choose to float. I get this information from several different resources as I do not like any one opinion, another thing many of you may already know about … (30 comments)
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mortgage advice: Unique Opportunites Abound - You Just Need to Open Your Eyes - 05/03/07 09:02 AM
Well, most of you know that I returned to flying and I decided to continue my mortgage business. What you may not know is the opportunities it presents to grow my business. Hopefully, you will be able to see some opportunities to grow your business after reading this post.
Building relationships are a key to everyone's success. You need to network and then partner with those who you can build that relationship with. But have you ever thought aout the opportunities you have all around you when you are on vacation or other travel?
This may make you sick, or envious, but don't … (1 comments)
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mortgage advice: Are America's Housing ATMs All Tapped Out? - 04/30/07 02:44 PM
Today saw the release of the US Savings rate, which improved from the last reports. It is still in negative territory at -.8%, but is up from -1.2%.
I know, many of you probably don't follow this number, and some may not even know what it means. Basically, its interpretation is that Americans continue to spend more money than they make, hence the negative number. It does leave out some information such as house appreciation (or depreciation).
What it means to us in the real estate market, especially those doing mortgages, is that there is still a major need for Americans to … (3 comments)
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mortgage advice: How to Earn Money by Borrowing at 6.0% and Investing at 4.0% - 04/25/07 02:23 PM
This article is about the benefits of proper mortgage planning and how they can lead you down a path to true financial freedom faster than you thought possible, even faster than an MMA can get you there. The goal is to show you how you may be able to use your mortgage to accelerate your financial and investment plans and grow your wealth more over time.
For starters, and to make calculations simple, we will say you take out a $100,000 mortgage at 6.5% (30 year fixed, fully amortizing) and invest the money in an investment vehicle earning 4%. This scenario is … (21 comments)
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mortgage advice: Finding Solutions is What It's All About - 04/24/07 10:43 AM
As I went back to flying, I started thinking of whether or not I should continue doing mortgages or focus solely on flying. I came to the intitial conclusion that maybe I should just close up the origination side of the business and simply offer to speaking and educational events only as my time is very limited.
Then I reminded myself of why I got into the mortgage business to begin with. It isn't about making money, I can do that many different ways. It isn't even that I like doing mortgages and in all honesty, I don't like originating loans much. … (6 comments)
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mortgage advice: Lower Interest Rates Ahead? - 04/24/07 09:23 AM
At 10am EDT this morning, two normally moderate impact reports were released that is currently moving the markets.
Both Existing Home Sales and Consumer Confidence were released this morning and both missed expectations. What does that mean?
Continued weakness in the housing market is apparent based on the Exisitng Home Sales numbers, but further insight will be provided with tomorrow's New Home Sales numbers.
Consumer Confidence is also dropping, indicating that Americans are lowering their expectations of the economy and the future. It is directly correlated to the strength of consumer spending. Lower confidence numbers generally decrease inflationary fears and ultimately drive prices higher … (5 comments)
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mortgage advice: Are Exotic Mortgages Really to Blame for Rampant Foreclosures? - 04/16/07 08:30 AM
The media in particular, aided by many so-called "experts" have been laying a lot of the blame on exotic mortgage products such as Option ARMs, Interest-Only mortgages, and even regular ARMs. I have even heard them blame the Feds for raising rates too fast.
Why do they blame the mortgage products? Are they really at fault? Come on people, let's get a grip on reality. The products themselves are not to blame!!!
So who is to blame? That is the real question and it depends on each particular foreclosure. Looking at many foreclosures, there are numerous reasons why the homeowner got there, none … (11 comments)
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mortgage advice: Americans Just Can't Stop Spending - 02/01/07 12:39 PM
This morning, an inflationary telling report came out called the Core Personal Consumption Expenditure (PCE) Index. This report is one of the large contributors to determing the Fed Funds Rate movement and it came in at 2.2%, just higher that the 2% the Feds like. Nothing to worry about by itself as it showed more moderation of inflationary pressures.
The problem is another part of the report which measures the spending habits of Americans, called the personal savings rate. This number came out in the "scary" range at a rate of negative 1.0%. WHy is that scary? It is the lowest rate … (27 comments)
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mortgage advice: Which is the Safer Investment - Home Equity or Burying Your Money in the Backyard? - 01/28/07 07:07 PM
Your first reaction to this title is what the heck is he comparing these two for, it is clearly home equity, right? Well, let's take a closer look at these two "investments". In order to do this, we have to understand the three areas that determine a good investment...liquidity, safety, and rate of return.
Let's start off with the rate of return. Obviously, if you bury your money in a tin can in the backyard, you will not have a positive rate of return on the money. In fact, you will lose money due to inflation. Home equity is the same way, … (9 comments)
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Robert D. Ashby
Miramar,
FL
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Address: 11758 SW 26th CT, Miramar, FL, 33025
Office Phone: (954) 674-6864
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