A special message to my friends and clients
Posted On: August 30th, 2010 by James Posted In: FHA Mortgage • Financial Health • Mortgage Rates • Portland Real Estate • Refinancing
This is my plea to all of my clients past and present. Even if we closed a mortgage earlier this year, even if you think you are upside down on your homes equity, even if you think for some reason that this recent outbreak of mortgage refinance activity will not apply to you…. you have to give me a ring, or send an email. Many of you are invested in 401(k) plans, and mutual funds, and have been taking a beating from the plunge of the stock market since 2008, well…. think of the ridiculously low mortgage rates that are currently available as a way to BENEFIT from that same down market. (Because as stock markets shrink, money goes to bonds, and when bond yields get lower, so do long term mortgage rates!) Continue Reading – A special message to my friends and clients
Mortgage rates below 4% ?
Posted On: August 23rd, 2010 by James Posted In: Financial Health • Mortgage Rates • Mortgages • Refinancing
Until recently the holy grail of 30 year fixed rate mortgages has been the 4.5% rate. I saw that price appear for 90 minute windows a handful of times in 2009, but it was like a unicorn sighting…. brief and magical, and ultimately only spoken about in the hushed tones of mortgage legend.
We have recently taken a ride into this pricing territory and we appear to have set up camp here for the foreseeable future. In fact, I have been locking rates on 30 year fixed mortgages well below 4.5% in recent weeks- 4.125, 4.25, and 4.375 have all been locked for my clients in varying circumstances.
In these steadily declining mortgage rate environments, the no-cost refinance can start to make a lot of sense for another reason- no cost “recapture period”, makes another refinance a possibility, but I digress.
We are squarely in a new trading range on the FNMA 4.0% mortgage bond coupon, and this tells me that we will be in this mid 4% fixed rate range for possibly the rest of the year, but certainly for the next 4-6 weeks. Continue Reading – Mortgage rates below 4% ?
Portland Mortgage Broker who is Accountable
Posted On: July 22nd, 2010 by James Posted In: Financial Health • Local Interest • Mortgage Programs • Mortgages
I was listening to the Adam Corolla show the other day and he was off on some rant about how horrible the airline industry has become. Horrible customer service, zero pride or respect from airline employees. I also heard an anecdote about the airline industry that each flight only makes an average profit of $100 dollars or so after all the expenses are backed out. It got me thinking about my mortgage industry and how many new regulations will likely point us towards this type of experience in the future with getting mortgages.
Conversely, I also began to fantasize about what might happen if some of the current mortgage business model were applied to the airline industry- particularly that of the “commission only” sales model. What if flight crews, and ground crews could pick their own members, and work together to create a fantastic customer experience. They would make their own websites, and try to make it easy for Continue Reading – Portland Mortgage Broker who is Accountable
Converting your IRA to a Roth = a great opportunity
Posted On: July 13th, 2010 by James Posted In: Financial Health • Government Actions
File this one under: “Check with your financial planner and tax adviser before taking action”.
So now that the Lebron’s choice episode is behind us we can focus on another reason why 2010 is a unique moment in our financial lives. This year there is a moratorium on the Roth IRA rules. If you are in a higher tax bracket, you’ve been shut out of the Roth IRA party, until now. This year, ANYONE can convert an existing IRA into a ROTH IRA. There are 2 major consequences to doing this:
- whatever portion of the balance you convert will be considered taxable income for this year.
- The balance you convert will be able to grow and compound into the future, and when you go to withdraw this money, you will do so TAX FREE!
HERE’S WHAT I THINK ABOUT TAX FREE RETIREMENT ASSETS
Continue Reading – Converting your IRA to a Roth = a great opportunity
Good Politics, Bad Policy: Take Action Now
Posted On: June 3rd, 2010 by James Posted In: Financial Health • Government Actions
There is a new Senate Bill that has recently been turned loose out of committee, and I believe that it is potentially disastrous for the Mortgage industry as we now know it.
The area of concern is amendment (SA. 3962) offered by senators Merkley (D-OR) and Klobuchar (D-MN) to S. 3217, the “Restoring American Financial Stability Act of 2010.” First let me start by saying that I’m personally ALL FOR financial stability, who isn’t? This Act is DEFINITELY passing later this year. Think of it like a political battleship that is unsinkable, floating through the rivers of congress. Every congress person is attempting to toss little bits and pieces of legislation onto the boat as it is certain to be approved into law. This amendment is one of those toss on pieces, and here is the gist of what it is trying to do:
Continue Reading – Good Politics, Bad Policy: Take Action Now
