As the mortgage industry continues to evolve, there are constant changes and expansions to products available. The days of vanilla 30 & 15 year fixed loans (though still excellent products) being your only options are long gone. One product that has begun gaining popularity is the “Reverse Mortgage”. While there are several variations of this product offered, they all basically provide the same thing: access to equity seniors have built up over the years of paying a traditional “forward” mortgage. It is a wonderful tool for people over the age of 62 who have a need ...
Why are so many Americans who make a decent living drowning in debt, unable to save money, and frustrated by their finances? Two reasons are rooted in the way we think.
#1 Someone asks you, "How much money do you make?" You say, "Fifty thousand dollars." ...Then you go around thinking that's what you make. So you walk into a dealership and say, "I can afford this car with $50,000 a year". But really, you don't make $50,000 a year and you can't afford that car. You make $37,000 a year-NET.
Now, if you walk into that dealership thinking, "I make $37,000 a year", then your buying decision ...
Because it's time to wake up and smell the roses! Between the FOMC slashing interest rates like it's going out of style, to JP Morgan's bailout for Bear Sterns, what does this all mean? And how does this actually affect my mortgage rate?
As responsible investors, realtors and homeowners, we owe it to ourselves to not only be aware, but also understand the meaning behind such headlines. And who better to have it explained to you than your own, qualified Mortgage Planner, who with proper information and insight, is these days considered to be as invaluable as anti-virus software for your ...
Mark Gilbert of Bloomberg has a hilarious list (http://chucknorrisfacts.com ) of ways of how Chuck Norris controls the economy:
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Chuck Norris doesn't target inflation, he roundhouse-kicks it until it begs for mercy.
Chuck Norris doesn't supply collateral, only collateral damage.
The tears of Chuck Norris would supply enough liquidity to solve the credit crisis. Too bad he never cries.
When the yield on a Chuck Norris bond goes up, the price also rises.
Chuck Norris trades on fear and greed simultaneously.
Alan Greenspan calls Chuck ...
What really happened with subprime? Why does my mom ask me every week, "Are you a bad subprimer mortgage person?" The sad part is, that in 2005, someone with a 560 FICO was getting 100% financing on a $400,000 house without a job. "Bad subprimer mortgage persons" would simple make a job up out of no where and state an exuberant income that a bank would not verify. "On your application, Mr. Borrower, you are not a busboy at Lupe's Restaurant, but the 'Waiter's Head Assistant' making $7,000 monthly". Now here is the irony...
Just recently, we had a borrower with a 795 FICO score, wanted a 15 ...
Welcome to the American Street Blog, powered by American Street Mortgage Company and You (yes you).
With all the bad news in the housing market, we thought to create a site where you, your mamma and cousin too, can post pictures, photos, video, comments and your bank account number (just kidding), regarding housing. (It's exciting, stop yawning??)
First things first, why housing and not the Jesse White Tumbling Team or kite flying? Well, real estate is one of the biggest decisions or investments a majority of Americans will ever make. It is a huge catalyst (2003) or burden (2007...) for ...
Welcome to American Street Blog! Please, check back often as this blog is going to be transformed in the coming days. We look forward to sharing our insights into the mortgage industry with you! ...
