| |
benchmark mortgage: Adjustable Rate Mortgage Reset Schedule (GRAPH) - 09/12/07 12:36 PM
This graph is a good indicator of what is to come (and when). It shows that subprime ARM resets will hit their peak in the next few months, while the Option ARMs, Prime ARM, and Alt-A ARM resets will peak in the next 36 months or so.
The sheer numbers are staggering, especially in the subprime market: $35 billion in subprime ARMs will reset in the coming months, and I believe that these are the problem loans. I'm sure that a sizeable amount of these loans are high LTV mortgages, and in a declining market, these loans will be nearly impossible to … (19 comments)
|
benchmark mortgage: Foreclosure Rescue Scams Run Rampant - 09/10/07 05:32 PM
As foreclosure rates rise, more and more "Foreclosure Savers" are popping up. They are, of course, targeting unsuspecting homeowners who are having trouble paying their mortgage payments and are scared to call their mortgage servicer to discuss a payment plan.
According to an article on Yahoo! Finance, scammers are discouraging the homeowners from calling their servicers, and are stating that the calls could result in extra fees being tacked on by the lender. Trust me when I tell you that your current mortgage provider wants to avoid the expense of foreclosure, and would much rather work with you to come up with … (14 comments)
|
benchmark mortgage: To Pay Points Or Not To Pay Points - That Is The Question! - 08/30/07 01:47 PM
How do you "buy" a better rate? Great question - let me tell you.
A point -- which equals 1% of the total loan amount -- is an up-front fee that lowers your annual interest rate and total interest due over the life of your loan. So, a one point loan will have a lower interest rate than a no point loan. Basically, when you pay points you trade off paying money later in favor of paying money now. You can pay fractions of points also, meaning you can paying 1.5% to get a lower rate than if you paid 1%.
Several major … (6 comments)
|
benchmark mortgage: Don't Want Your Mortgage? Get Rid Of It! - 08/22/07 10:54 AM
How to Reduce Your Mortgage
One Additional Mortgage Payment a Year
There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.
This is the method being used by "Bi-Weekly Mortgage Reduction Services" and "Bi-Weekly Mortgage Savings Programs". Only, when you do it yourself, you don't pay a third party unnecessary set-up costs and fees, and you pay it on YOUR schedule, when you have the funds available!
Example: $100,000 loan, 30-year mortgage, 6.5% fixed interest rate
One-time Payment
It may … (2 comments)
|
benchmark mortgage: Help Me! I'm bankrupt! - 08/09/07 12:06 PM
I had to file bankruptcy - what do I do now?
A bankruptcy filing delivers a devastating blow to your credit and FICO score, but it doesn't mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan.
While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery - what you've done since your filing. … (6 comments)
|
benchmark mortgage: Buying A Home? Here's A List Of DON'TS! - 08/08/07 02:07 PM
Things to avoid when buying a home
Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:
Don't make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but it's best to avoid making major purchases like furniture, … (5 comments)
|
benchmark mortgage: Are You Pre-approved or Pre-Qualified? What's The Difference? - 07/26/07 02:06 PM
Are you pre-qualified or pre-approved for a loan?Before you begin to shop for a new home, you should set up a time to meet with us so we can figure out how much you can afford. This will put you in a better position as a buyer. That's when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, we will collect verbal information from you about your debt, income, and assets. … (3 comments)
|
|
|
|
|
|
Gareth Bourriague - Benchmark Mortgage
Baton Rouge,
LA
More about me…
Benchmark Mortgage of Louisiana
Address: 8704 Jefferson Highway, Suite B, Baton Rouge, LA, 70809
Office Phone: (225) 927-5282
Email Me
 Links
Archives
|
;)
;)
