adjustable rate mortgage: Rates Are Low, I'm Eating Crow (Hey, Lenn...Wanna Bite?) - 01/13/09 07:29 PM
This California (vegetarian) mortgage broker is eating a big helping of CROW today, and what do you know?
It tastes great.
Surely I must have been one of the first to make this declaration early in 2008: What will it matter if rates go to 2% if the house won't … (70 comments)
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adjustable rate mortgage: 10 Steps To Help You Sleep at Night... Even Though Your ARM Is About to Adjust! - 11/25/08 12:08 PM
If every single person facing a loan adjustment had educated guidance, and a solid course of action for their pending loan adjustment, I believe it would THAW out much of the PANIC causing our current economic freeze.
Ever hear of the "fear of the the unknown?" It is alive and … (6 comments)
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adjustable rate mortgage: How We Kicked Self Employed Borrowers to the Curb Along With Stated Income Loans - 09/11/08 12:32 PM
They are the ones that were not satisfied to be corporate hacks, allowing some huge company to dictate where and how they live their lives. They refused to carry a lunch bucket and lay cable for the phone company for 30 years.
Instead, they went after that other American Dream. The … (45 comments)
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adjustable rate mortgage: Confessions of Dummies With Goofy Mortgage Loans - 03/04/08 11:16 AM
I love talking with clients on Saturday mornings. It is that rare day when most of are out of our business mode, in our jeans, and hanging out anticipating those 2 whole days of delicious weekend freedom.
Myself included. But once a month, I call my "hard to contact" Internet leads, just to make certain no stone goes … (2 comments)
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adjustable rate mortgage: This is NO MUMBO JUMBO: Big Fat Mortgage Rates Are About to Drop, BE READY - 01/25/08 12:25 PM
Are we stimulated enough yet? Wow, what a week. With the rate cut and the announcement of the President's $150,000 billion dollar economic stimulus package, the mortgage office has a buzz that has been absent for months.
The phones are ringing off the hook with homeowners and potential homeowners asking what these … (8 comments)
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adjustable rate mortgage: 2007's Most Memorable Mortgage: Escape From Adjustable Rate Hell (Part 1) - 12/28/07 10:50 AM
Looking back at the end of each year , there is always that one transaction that you remember. Most likely it is not the one that generated the most glory, or the most money, but the one where you generated the most good. Here is the story of my most memorable … (5 comments)
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adjustable rate mortgage: Freezing Adjustable Rates is Like Rent Control: A Disaster Waiting to Happen - 12/03/07 01:51 PM
Hey, I have an idea. Let's freeze all those adjustable rate mortgages for seven years at those low rates we had 2 years ago. Don't you agree those people "deserve" to keep their lower payment? Don't you think the lending industry somehow stuck it to those poor souls and "deserves" to … (73 comments)
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adjustable rate mortgage: The Triple Whammy: Sinking Into Adjustable Rate Quicksand - 10/09/07 06:47 PM
Now, why would anyone be afraid of a little old adjustable rate loan, going up just a little bit, in just a little while? Well, one thing that was not mentioned in Michael Mape's blog today was what I call THE TRIPLE WHAMMY that occurs when an "interest only" loan adjusts. Here's how an adjustable can … (17 comments)
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adjustable rate mortgage: They Threw Us A Bone, But Can We Still Do A Loan? - 09/19/07 04:40 PM
On the front page of today's paper was the following headline: "Fed Rate Cut Pumps Up Economy". If you believe like I do, that a great deal of our economic woe lies with our stagnant real estate market, this headline is good news. Or is it only good press?
For several months … (7 comments)
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adjustable rate mortgage: Originator's Hell: Lenders That Steal Your Clients - 09/14/07 10:48 AM
Is a mortgage broker a bank's BEST CUSTOMER (because they are a source of many new loans and bank customers?) or are they their WORST COMPETITION?
In the mortgage industry, the term "broker a loan" means this: The mortgage broker carefully selects the best lender (from many different lenders) to meet THE BORROWER'S specific needs, and future goals. The lender selected underwrites the … (4 comments)
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adjustable rate mortgage: Sell While You Can, Bank Your Equity. Ride Out the Storm as a RENTER - 08/30/07 09:51 AM
I own 400 shares of Intel stock. On August 31, 2000, this stock reached its all time high: $74.87 a share. Today it trades at around $25 a share. Do I wish someone would have told me to SELL THAT STOCK while the value was still this high (and then buy it back when it … (15 comments)
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adjustable rate mortgage: Jumbo, Please Come Home - 08/10/07 09:55 AM
Out here where prices are high, and there is still competition to buy $1.5 million digs in San Francisco, we're begging: Jumbo, will you please come home?
Somehow or other, JUMBO got swept up in the whole subprime mess, and is now MISSING. Gosh darn it, what did JUMBO DO WRONG?
JUMBO isn't one … (5 comments)
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adjustable rate mortgage: A Big Fat "I TOLD YOU SO"...Why Stated Loans are Nearly Extinct - 08/01/07 10:35 AM
"LOOK FOR STATED INCOME LOANS TO SALARIED BORROWERS TO BE SEVERELY RESTRICTED OR ELIMINATED."
The above statement was written in my blog on June 1, 2007. Here we are on August 1, and as any mortgage broker will tell you, the above statement has come true in a big way. Stated income, so … (45 comments)
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adjustable rate mortgage: Up In ARM's: Truth or Consequences for Mushroom Mortgages - 07/29/07 12:25 PM
The biggest difference between a FIXED RATE MORTAGE and AN ADJUSTABLE RATE MORTGAGE is simple: Something in the future IS GOING TO CHANGE AN ADJUSTABLE RATE MORTGAGE. The biggest SIN in the mortgage industry is leaving borrowers woefully uneducated and unprepared for RATE ADJUSTMENTS.
Brain Brady's recent post, ARM's Don't Kill Houses, Loan Hacks … (5 comments)
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adjustable rate mortgage: Ask Your Mortgage Broker to Give You The Finger - 06/27/07 12:29 PM
Why do we call it "ADJUSTABLE RATE MORTGAGE"? Seriously, we should come up with a new name. Just because at some point it will BE AN ADJUSTABLE RATE MORTGAGE, doesn't mean THAT LOAN WILL EVER ACTUALLY SEE THE LIGHT OF IT'S ADJUSTABLE DAY.
Instead of calling them ARMs, let's start calling them … (7 comments)
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adjustable rate mortgage: If They Want a Chevrolet, Do You Try to Sell Them A Toyota? - 06/20/07 11:38 AM
How far should we go to sell our clients something they don't want? At what point do we risk losing the sale because the client wants something you don't recommend?
I am helping our company test market a program directed at those homeowners that have adjustable rate mortgages. Without exception, these loans had a … (4 comments)
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adjustable rate mortgage: Is Your Cinderella Loan Turning Into a Pumpkin? - 06/19/07 03:20 PM
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adjustable rate mortgage: How Much Rising Rates Really Cost - 06/15/07 04:38 PM
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adjustable rate mortgage: Stuck In Adjustable Rate La-La Land - 06/13/07 09:54 AM
Have you ever shopped for an outfit the day before the event? Ever searched helplessly for a Christmas present on Christmas Eve? Let me guess: It was a bad experience and your purchase was pretty lame.
So why then, are you desperately clinging to the LAST FEW MONTHS of YOUR 5% ADJUSTABLE RATE MORTGAGE? Does … (8 comments)
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