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cary real estate: If You Have An ARM, Pull Out Your Note - 09/17/08 04:58 PM
LIBOR is on the rise.  In fact, according to Bloomberg:
"The overnight Libor rate in U.S. dollars soared 3.33 percentage points to 6.44 percent today, its biggest jump in at least seven years, according to the British Bankers' Association. The one-week rate rose by more than a percentage point, to 3.88 percent from 2.49 percent on Monday, and the one-month rate increased to 2.75 percent from 2.5 percent."
Granted, most adjustable rate mortgages are not tied to the 1 day LIBOR... but most are tied to SOME part of LIBOR!  So I suggest that you get out your note, and look … (7 comments)

cary real estate: My BFO on Screwing up SEO - 01/14/08 10:38 AM
NOT THE RESPONSE I EXPECTED...
I emailed several agents in our area this morning to say that I was currently using a canned site just like them - and wanted to spend 10 or 15 minutes discussing how they were customizing their site and what widgets they are using.
I felt pretty darn comfortable with this - because I felt certain most of the agents in this area that are using this canned site are not customizing it and don't know what a widget was (none of them are on AR and I intended to invite them!)
BOY WAS I IN FOR A SURPRISE! (hence my BFO - Blinding … (13 comments)

cary real estate: New Law Allows More Brokers To Close FHA Loans - 12/19/07 12:51 PM
Per conversations with members of Dole's staff - understand the following is accurate.
H.R. 1852 cleared House of Representatives mid-September.  This legislation, loosely referred to as FHA Reform, is included in Dodd's Bill S.2338.  Now that both the House and the Senate have FHA legislation, senior members of both the House and the Senate are able to take their respective versions into conference committee to work out the differences between the bills.  Members in both the House and the Senate will want to keep certain provisions from H.R. 1852 in the final bill they will send to the President.   It is important to remember … (8 comments)

cary real estate: FHA and the PMI Companies - 10/24/07 01:40 PM
We have a shot, after many years of begging, to make some real advances in FHA REFORM, but we'll need the Senate and President's help.  HR 1852 is currently sitting in the Senate Banking Committee, and according to my Senator ( Ms. Libby Dole who is on the committee) it might not come out before Thanksgiving!  Why would Congress hold up a bill that will increase the loan limits to 125% of the median sales price?  Why would they hold up a bill that would do away with the "nasty" audit, and the net worth requirements (meaning almost every broker could … (2 comments)

 
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Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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