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advice: The stimulus package is here, now what? - 02/14/08 06:40 PM
I've read mixed comments about the highly anticipated  "rebate." For example, on a  January 31, 2008 press release, the Financial Planning Association advice consumers to be carefull how they will spend their rebate checks.
One of the strongest observations from the personal finance perspective is that "spending the rebate may not be in the best interest of many Americans. Not setting up a household budget is how many Americans got into financial trouble in the first place." according to Mark Johannessen, CFP®, president of the Financial Planning Association® (FPA®)
The FPA made a point if we consider that the national savings rate is minus 1/2 … (4 comments)

advice: Steps to Responsible Lending - How to figure them out - 02/04/08 01:09 AM

In slower markets, some loan officers may feel pressured to close deals that aren't in the homeowner's best interest.  In order to avoid getting into difficult and financially compromised positions with their mortgages, borrowers are well advised to be acutely aware of the signs of a responsible loan officer when selecting a mortgage professional.   
First, look for an Orange County Mortgage Planner whose values are focused on helping individuals to achieve their financial goals in both the fastest and the safest way possible.  A reputable Mortgage Planner will show you the numbers associated with the proposed loan and provide you with … (0 comments)

advice: It's picture time! - 01/29/08 04:31 PM
One of my clients called me last week after reading my latest posting, on our conversation I was explaining to him that most homeowners look at mortgages from the homeownership perspective instead of the personal finance point of view costing themselves a lot of money in lost opportunities to increase their bottom line (net worth.)
I shared with my client that a newsletter from Paul Richard, RFC., Executive Director of the Institute of Consumer Financial Education says, "the big picture is your net worth, listing the things you own versus the things you owe." Along with that he said, "you should determine how many years … (0 comments)

advice: Housing – Deal or No Deal? - 01/28/08 01:37 PM
The new home sales for December 2007 were reported below expectations.  The supply of new unsold homes rose to 9.6 months from November's reading of 9.3 months. 
What 2008 will be like if you're looking for a real estate deal?
Last year home prices dropped between 5 - 10%, but there was no "bubble". This new year will be another down year for housing with similar declines in prices - but will also mark a bottoming out. The thing of it is...you can't see a bottom until you are already past it, much like how we always see refinance activity pick … (1 comments)

advice: The Federal Reserve Lowers Interest Rates by 0.75%... What Does This Mean For YOU? - 01/22/08 01:12 PM
Dear reader,
The Federal Reserve surprised the market this morning with a 75 basis points rate cut... What Does This Mean For YOU?  In order to answer this question, it is helpful to understand the four major interest rates that are affected by the Fed:
Discount Rate (currently 4%) - the interest rate that banks pay when they borrow money directly from the Fed. The rate has been largely symbolic in the past because hardly any banks take the Fed up on their offer these days!
You see, banks prefer to get short term financing by:
Issuing "commercial paper" - these are short term IOUs of … (0 comments)

advice: Good Reasons to Monitor Your Credit Score - 01/11/08 03:56 PM
Do you know what's your credit score? If your answer is "no" this might be a perfect time to check it. The big majority of consumers are not concern with their credit worthiness until they have to fill out an application.
The amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months. Each reporting agency will give you a credit score, if you pay a fee (this investment is relatively small compared … (1 comments)

advice: Advice: Why You Should Get Updates From Your Loan Officer - 01/11/08 03:07 PM
The trade deficit widened to -$63.1 Billion, its highest level in 14 months.  Economists were expecting a -$59.5 Billion deficit.  According to CCNMoney, "The growth in exports has been a major factor cushioning the blow to the economy from the slump in housing and a severe credit crunch. However, with oil pushing imports up sharply, analysts believe the help from trade in the final three months of last year will be shown to have been significantly smaller. Given this 9.3% increase in trade deficit the next thing we have to ask ourselves is, what will be the impact on the economy? … (0 comments)

 

Joseph David, CMPS®

Fountain Valley, CA

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Clarion Mortgage Capital, Inc.

Office Phone: (714) 786-4516

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