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Blog entries tagged with "libor":
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This is a daily index based on the interest rate banks choose to lend funds to other banks in the London wholesale market.
Adjustable Rate Mortgages are mortgages for which the interest rate is subject to change over time according to pre-defined rules.
ARM is a common acronym for Adjustable Rate Mortgage and every ARM has similar features:
An initial fixed period during which the mortgage rate doesn't change
An initial interest rate … (0 comments)
Know your index on your loan because when it adjusts, your new rate will be the current index rate plus the lender's margin. For example, if your loan is based on the LIBOR Index and your margin is 2%, you must add the current LIBOR index and 2% to find your … (0 comments)
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When the Federal Reserve lowered the Fed Funds Rate by 0.75% yesterday, it was in response to economic weakness that mounted since its last meeting December 11, 2007.
No, not a self-photo. Although I did pump some iron this morning to keep the pythons looking healthy. More importantly, I took a look at my wholesale lender rate sheets today, and it turns out, I'm the dumbell.
Is your Adjustable Rate Mortgage (ARM) coming due or know someone that is? Then please pass this information on to them. 
Adjustable rate mortgages have their place in the world of mortgage lending, primarily for the bigger risk takers and more specifically, the short term investor looking for quick cash flow.Why the investor? Adjustable rate mortgages or variable rate mortgages or whatever you want to call them, are typically great short term … (0 comments)
With all the news out there of the coming deluge of ARM (Adjustable Rate Mortgage) resets on both conforming and non-conforming loans, I thought it might be a good time to explain how a lender comes up with a new payment when an interest rate adjusts. First, some terms that you … (5 comments)
Many borrowers today have ARMs, or adjustable rate mortgages, and it can be a good loan program in various situations. A lot of them were taken out around two to four years ago when the housing boom ruled the landscape. Those home loans are now in the process of resetting and … (0 comments)
Part of what I do is educate clients and readers. The topics range from topical news stories to mortgage planning strategies, to warnings of potential scams and frauds. This last month had the liquidity crisis on the front pages. So naturally, I spent a good deal explaining how lenders sell their pools … (10 comments)
The MLS is a database of properties currently on the market in the area. Brokers participating in the MLS (which includes virtually all Brokers in the area) list all the homes they have for sale and agree to share in the sales commission of the properties. This means that if I … (2 comments)
The last few weeks have been interesting to say the least. Normally I've never been an active market watcher, but due to recent problems with the mortgage industry I've been glued to my TV in the mornings. One interesting factoid this morning was a chart showing the "RESETS" for future sub-prime … (0 comments)
In recent years there has been a lot of controversy surrounding the Option Arm loan (aka Negative Amortization or "Neg. Am." loan). Some of the stories we've heard would almost have you believe that the loan was a living and breathing thing that devours homes and people alike. Like all loans, … (0 comments)
Brian D in New Haven, CT writes: Stephen, I have noticed that rates have come down a little this month and I am thinking of possibly refinancing out of my 5 year adjustable. I was able to get a rate of 4.500% in June 2002 and I concerned about my payment … (2 comments)
When I was in Residential Lending I have this client who responded to my ARM letter campaign. He has a current rate of 6.5% that is about to expire the following month to a new rate of 9.5%. His monthly payment will go up $750. With no increase or new source of income … (15 comments)
Did you know that not all Adjustable Rate Mortgages ARMS are alike? ARMS have evolved. Imagine, there once was a time when Hybrid ARMS did not exist. Hybrid ARMS are ARMs that are fixed for a certain period of time before adjusting. As a matter of fact, HUD has a mandatory … (3 comments)
There was a time in the not so distant past when almost everyone I knew on a personal level was either already a Realtor, studying to be a Realtor, or thinking of becoming a Realtor--either that or a Mortgage Broker, our Siamese twin back in those white hot Housing days of … (1 comments)
A lot of my clients ask me... "Keith, why do rates fluctuate on a daily basis?" ...A lot of people ask me this with a lot of suspect...Some are very skeptical, that somehow, I am not being completely forthcoming with the rates I have on a particular day since I can … (0 comments)
Ever wondered what LIBOR stands for? Or, what the index is really made up of? Many of my clients have home loans tied to the LIBOR, read an explanation of what exactly LIBOR is, offered by Dr. Don of bankrate.com 5/1 LIBOR ARM. An interesting read if you're into things like...details:)
On Thursday I attended NAR's required Code of Ethics training. It was really educational. Also included in the lecture (which was a full day), was LIBOR's (Long Island Board of Realtors) code of ethics and MLS rules. One statistic that I found difficult to believe was there are 150K agents in … (5 comments)