the today show: Better Credit Scores Get Better Mortgage Rates - 11/02/10 01:59 AM

This week marks the start of the Refi Boom's 7th month; rates have been falling since early-April 2010. Whether you're looking to refinance or buy a home, however, know that not everyone will qualify for today's low rates.
Mortgage approvals are primarily based on good income, good equity and strong credit, and, without all three, the best rates of the day remain out of reach. Now, you can't always ask for a raise and equity is a function of the housing market, but you can do something about your credit score.
In this 4-minute segment from NBC's The Today Show, … (1 comments)

the today show: Avoiding Common Mortgage Scams - 10/15/10 02:53 AM

Despite tougher mortgage guidelines and better loan disclosures for consumers, mortgage fraud is on the rise, according to the FBI.
Fraud has many varieties and it’s estimated cost to the nation is between $4-6 billion annually.  Today, common mortgage fraud scams target homeowners behind in their mortgage payments and/or facing foreclosure. And, despite the hordes of legitimate organizations that dedicate themselves to helping consumers, mortgage fraudsters proliferate.
In this 3-minute piece from NBC’s The Today Show, you’ll learn to spot common frauds, and to avoid them.
Some of the frauds highlighted include:
The Rent-to-Buy arrangement The Bait-and-Switch The “Phantom fees” … (3 comments)

the today show: Rent A Home Or Buy A Home : The Case For Both Sides - 09/17/10 03:00 AM
Is it better to rent a Belfast home, or to buy one? The answer may not be as clear-cut as you think. In this balanced, 3-minute joint interview from NBC's The Today Show, you'll hear the case for both sides.
From the pro-renting part of the talk, there's valid points about the economic impact of low credit scores and/or no cash for downpayment, and the ongoing, annual cost of home maintenance -- estimated at 2% of a home's value.  Plus, renters have the ability to "follow a job" to a new town or region whereas a homeowner may be restricted, somewhat.
(0 comments)

the today show: Yes, You Can Still Get A Mortgage If You’re Pregnant - 07/22/10 03:04 AM

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled "Need a Mortgage? Don't Get Pregnant", the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.
NBC's The Today Show picked up the story as well, as shown in the 3-minute clip above.
The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time.  The loss of income can raise a household's debt-to-income ratio to … (1 comments)

 
Shannon Odom (Northeast Bank)

Shannon Odom

Bangor, ME

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