I just sent this email to a client who inquired whether he should refi now and save $150/mo in interest, or he should wait for the TARP money to lower rates to 4.5%. The Treasury did a huge disservice by announcing that they were ‘considering a plan to lower interest rate even further’. All this […]
Category Archives: Mortgage
DeveloperImplode.com - not good news, but a good source of news
December 1, 2008 – 12:21 pm
This is a new website that is similar in mission to www.MortgageImplode.com. www.DeveloperImplode.com offers current info on projects that have stalled, lawsuits that are being filed and generally the mess that is today’s real estate markets. SecondHomeNews.com generally tries to bring you as positive of info as we can, but in this environment you ignore […]
The Great Loan Mod Opportunity
November 12, 2008 – 4:02 pm
Today I renegotiated a client’s $700,000 home loan from an ARM at 6.5%, which is adjusting to 6.875% in January to a 6.0% fixed rate for 40 years. No fees, no appraisal, no new title insurance - very little hassle.
In markets where home values have declined (almost every where on paper - see earlier blog […]
When Should You Borrow Against Your Second Home?
November 12, 2008 – 3:56 pm
One certain answer, it is easy to get a loan when you ‘don’t need a loan’ than when you are in dire need. I have advised clients for years to borrow a little more than they think they need and always be liquid. The best buying opportunities come when everyone else is out of cash.
Any […]
Is Besting Dead?
November 7, 2008 – 7:55 pm
Regular readers of this blog know that last August (2007) I wrote “Besting: Better Nesting” a book about how 78.2 million baby boomers were beginning to migrate in droves to ‘better nests’ not just ‘empty nests’.
Second home sales have set new records every year for the last 5 years, up until 2007-08, when the market […]
