Some local homeowners might be in trouble in the coming months when the interest rates on their [tag]Adjustable Rate Mortgages[/tag] (ARMs) are expected to jump.

Many people are highly leveraged, he said, meaning they bought their homes with little money down and may have low initial rates on their Adjustable Rate Mortgages (ARMs).As Silva puts it, “The homeowners most at risk of foreclosure are those who bought more home than they could afford.”A homeowner with an ARM, Brady said, initially pays much lower interest for a few years than the going rate for a 30-year loan. However, the flip side of the coin is that sooner or later the homeowner must get a new loan or pay interest rates several points higher than his or her initial rate. Someone with an ARM may initially pay $1,700 a month on a mortgage, but when the ARM interest rate balloons, the homeowner could end up paying $3,000 to 3,200 a month. (more…)

When [tag]interest rates[/tag] went down in the past, many people were refinancing their home mortgages once again. If you [tag]refinance[/tag], it’s always important to make decisions based on your personal and financial goals in life. In this article, we are going to discuss the topic of paying off your mortgage early and why you might or might not want to.

In the book called “Ordinary People Extraordinary Wealth, A New York Times best seller, by Ric Edelman states in his findings that most of the 5000 people he surveyed with extraordinary wealth still carry a [tag]mortgage[/tag]. While most of us have heard all our lives that it is better to pay off our mortgage as quickly as possible, both sides make some strong arguments for their case. (more…)

Piles of paperwork, additional [tag]lending fees[/tag] and too many terms to count. Applying for a [tag]mortgage[/tag] can be an overwhelming experience. In this confusing and pressure-filled process, it’s easy to make mistakes. Here are some common ones that lenders and mortgage brokers see, and what you can do to prevent them.

Not checking your credit Before even applying for a mortgage, you need to obtain copies of your [tag]credit report[/tag] and your FICO credit score. Doing this at least six months in advance should give you plenty of time to challenge any errors on your report and ensure that they’re removed by the time you’re ready to apply for a loan. Not getting pre-approved for a loan It’s important to realize that being “pre-qualified” is not the same as being “pre-approved.” [tag]Pre-qualification[/tag] is where a lender tells you how much money you probably can borrow based on your financial situation. Getting pre-approval, by contrast, is a much more detailed process and involves actually applying for a loan. (more…)

The question many are asking is “should [tag]reverse mortgages[/tag] become an official option for helping to solve a state’s long-term-care challenges?” Some states have already begun the research. For example, Washington state’s [tag]Long-Term Care[/tag] Task Force is hosting a series of community meetings aimed at exploring new funding solutions to the escalating health-care issue created by the rapidly accelerating growth of the state’s senior population.

[tag]Reverse mortgage borrowers[/tag] make no monthly payments on their mortgage during its term. The loan comes due when the borrower permanently moves out of his or her home. Programs vary, yet the more popular plans offer both an initial lump sum for immediate needs and a line of credit that borrowers can access at any time. Seniors can “outlive” the value of their home without being forced to move. The homeowner cannot be displaced and forced to sell the home to pay off the mortgage, even if the principal balance grows to exceed the value of the property. If the value of the house exceeds what is owed at the time of the homeowner’s death, the rest goes to the estate. (more…)

For a long time the biggest real estate rumble in [tag]Washington D.C.[/tag] has concerned the question of whether or not banks should be allowed to offer [tag]real estate services[/tag]. Having expanded into [tag]stocks, bonds and insurance[/tag], many national bankers now want to offer [tag]real estate brokerage services[/tag]. In turn, real estate brokers have generally opposed bankers invading their territory in large measure because they fear being crowded out by well-funded rivals.

Under the [tag]Gramm-Leach-Bliley Financial Services Modernization Act[/tag] of 1999 banks are able to create “[tag]financial holding companies[/tag],” entities with virtually unlimited portfolios. The Senate Banking Committee explains that under Gramm-Leach-Bliley a bank holding company “can engage in a statutorily provided list of financial activities, including insurance and securities underwriting and agency activities, merchant banking and insurance company portfolio investment activities. Activities that are ‘complementary’ to financial activities also are authorized.” (more…)

There’s a quiet revolution going on in the [tag]mortgage industry[/tag]: [tag]Home buyers[/tag] soon will be securing mortgages and closing on sales almost as easily and conveniently as they purchase an airline ticket online. [tag]Borrowers[/tag] will go through the entire process, from application to registering with the county courthouse, without the mounds of messy paperwork currently required.

Much of the time spent on loan approval comes from moving bulky paperwork from one desk to another. Not only can electronic forms be transferred almost instantaneously, but more than one person can access and work on them. That can cut loan processing time in half, or less. Instead of a turnaround time of 30 to 45 days or so, it could take two to three weeks. There’s a limit though. “Some of the time is spent on due diligence,” says Albrigo, ” and that can’t be shortened too much.” (more…)

More than 90 percent of [tag]home mortgage[/tag] transactions involved a two-stage process. The first stage, the development of posted prices that are delivered to loan officers and mortgage brokers, is bias-free. The unequal treatment of [tag]minorities[/tag] occurs in stage 2, where posted prices are converted into the final prices paid by borrowers. A sizeable number of loan officers and brokers charge what the market will bear, and minorities end up paying more because they are more vulnerable.

Minorities (and others) can avoid discrimination by selecting distribution channels where pricing discretion is either absent or controllable by the borrower. Pricing discretion is absent in Internet-based lending because loan officers don’t capture the customer and therefore don’t have the clout to dictate their terms of employment. Internet-based lending offers other borrower protections as well. These include more complete information on lender fees and third-party fees, and the ability of shoppers to monitor their price from day to day until they lock it. On my Web site, I list and rank the best of the Internet-based lenders, including two that qualify as Upfront Mortgage Lenders. (more…)

The lender wants to charge me a [tag]loan origination fee[/tag], [tag]appraisal fee[/tag], [tag]credit report fee[/tag], [tag]processing fee[/tag], [tag]underwriting fee[/tag], flood certification, funding fee, $100 escrow settlement fee, $150 title fee, $15 courier fee, $15 wire fee, $75 recording fee, $80 intangible tax and $235 mortgage tax. What is your evaluation of these charges for a home equity loan?

Virtually every local bank and credit union will eagerly make you a home equity loan or [tag]home equity credit line[/tag] ([tag]HELOC[/tag]) without any junk fees if you have a FICO (Fair Isaac and Co.) score around 700 or higher. I have obtained many home equity credit lines over the years from major lenders, such as Chase and Wells Fargo, without paying any up-front junk or garbage fees such as those you list. The only legitimate home equity loan fees on your list that I wouldn’t resist are the local mortgage tax, the intangible tax (whatever that is), and the recording fee. The other charges you list should be absorbed or paid by the home equity lender if they want your business. (more…)

The 10-year [tag]T-note[/tag] is again falling toward 5 percent, and has taken low-fee mortgage rates to 6.75 percent. Newspapers today say that “[tag]mortgage rates[/tag] rose” this week, but this factoid is based on [tag]Freddie Mac[/tag]’s bone-headed method of early-week survey and delayed (Thursday) release. Rates had risen in nervous anticipation of Federal Reserve Chair [tag]Ben Bernanke[/tag]’s Wednesday testimony to Congress, but fell instantly — before he began to speak — on release of his prepared remarks.

Bernanke’s communication skills are improving: the testimony was as bland and even-handed as could be. However, the heart of his testimony, and the strong reaction in the bond and stock market, were odd. Bernanke, now repeatedly referring to a “moderating” economy, offered a forecast of GDP growth to decline from “3.5-3.25 percent in 2006 to 3.25-3 percent in 2007,” and core inflation to decline from “2.5-2.25 percent in 2006 to 2.25-2 percent in 2007.” (more…)

[tag]Freddie Mac[/tag] today released the results of its [tag]Primary Mortgage Market Survey[/tag] in which the 30-year fixed-rate mortgage (FRM) averaged 6.80 percent, with an average 0.5 point, for the week ending July 20, 2006, up from last week’s average of 6.74 percent. Last year at this time, the 30-year FRM averaged 5.73 percent. The last time the 30-year FRM was higher was the week ending May 24, 2002, when it averaged 6.81 percent.

“Financial markets were a bit jittery after core Consumer Price Index (CPI) figures for June were released that indicated inflation might still be a potential threat,” said Frank Nothaft, Freddie Mac vice president and chief economist. “If this were the case, the Fed would be more inclined to continue to raise rates this year. Mortgage rates reflected that thinking and rose accordingly.” (more…)

There are a lot of factors that have contributed to this growth in women buying and owning homes. Increased wages have boosted female homeownership as the gender gap in pay continues to slowly narrow. Another major factor is the increased availability of [tag]financing[/tag] for women. Not so many years ago a woman seeking to buy a house faced formidable obstacles to obtaining a [tag]mortgage[/tag] – or any kind of [tag]credit[/tag] for that matter. Young women in today’s workforce would be appalled at stories their mothers, if they were at all financially proactive, could tell about trying to even obtain a [tag]charge account[/tag] from Filenes or Sears as late as the 1970s. (more…)

The equity you build up in your home is not a [tag]retirement-savings account[/tag], although many Americans are tempted to think that it is. But the smartest way to think about [tag]home equity[/tag], financial planners say, is as a cushion, a spare tire in reserve just in case savings calculations are off or liquid assets run out.Shelter is a necessity, and so many planners classify the home as a “use asset”.

A recent [tag]Securities Industry Association[/tag] [tag]retirement[/tag] study identified a “wealth effect” that surfaced as [tag]homeowners[/tag] amassed equity in their properties and perceived they had less of a need to save. Factors such as rising interest payments and higher energy prices also pushed Americans to slack off when it came to lining their retirement nest egg, the study concluded. For many American homeowners, nearly half of their net worth is based on the value of their home, the study found. At the same time, the number and percentage of households holding a retirement account such a 401(k) or an individual retirement account have fallen since 2001, and nearly half of American households are not saving at all. The study also estimated that half of the next wave of retirees — the baby boomers — will be unable to maintain their standard of living in retirement, even if they postpone it. (more…)

According to the Federal Reserve, in 2004, 46% of American families were strapped with [tag]credit card debt[/tag]. How much debt? $5,100 on average, as our Foolish colleague Nathan Alderman pointed out. And that’s just credit cards. Factor in [tag]student loans[/tag], [tag]car loans[/tag], [tag]home-equity lines of credit[/tag], [tag]mortgages[/tag], [tag]second mortgages[/tag], [tag]vacation-home mortgages[/tag] … yup, our nation is in debt’s unforgiving clenches.

However, if you are in credit card debt, it’s absolutely crucial that you develop a plan now to pay it off and get your bank account going in the right direction (up). And beyond that, it’s important to make sure you save — and eventually invest — for the future. (more…)

Threre have been recent studies of lending practices, including one by the [tag]Center for Responsible Lending[/tag] (CRL). While most of the studies leave out important differences between the groups, including [tag]credit score[/tag]s, the CRL study takes into account credit and other relevant factors, and its findings are the same. They find that [tag]minorities[/tag] generally pay more, which rings true to me. To understand how and why it happens, it is necessary to understand how mortgages prices are determined. In more than 90 percent of the transactions, it is a two-stage process. Stage 1 is the development of posted prices that are delivered to [tag]loan officer[/tag]s and [tag]mortgage brokers[/tag]. Stage 2 is the determination of final prices paid by the [tag]borrower[/tag].

Posted prices are either retail or wholesale. Wholesale prices are posted by wholesale lenders to mortgage brokers and [tag]correspondent lenders[/tag] (CLs). (Unlike brokers, CLs fund loans, but they deliver them to the same wholesale lenders as brokers. Henceforth, I use the term “brokers” to include CLs). Retail prices are posted by retail lenders to their loan officer employees. [tag]Mortgage prices[/tag] are delivered by fax or (increasingly) over the Internet in the form of “price sheets.” These sheets are voluminous because each loan program must be priced separately and because pricing has become so complex. Prices vary with the borrower’s credit, purpose of loan, type of property, type of documentation, state location of property, and other factors. (more…)

Homeowners with [tag]adjustable-rate mortgage[/tag]s or who bought more house than they could afford — made worse by stagnating wages or a job loss — are especially feeling the squeeze. This is hardly the time to stick your head in the sand and pretend any problems you face will somehow disappear.

The fact is, good options exist for a good many late-payers, said Wayne Ferguson, a [tag]Freddie Mac[/tag] customer-care official who helped conduct the Kansas City event. He said the message is simple: “We want you to call the [tag]lender[/tag] early, call the lender often.” He summarized three main alternatives to foreclosure often available to those holding Freddie Mac-backed loans. But they can be broadened to apply to a variety of other [tag]home mortgage[/tag]s: (more…)

The [tag]Federal Housing Administration[/tag] has undertaken “several significant changes” during the past 12 months. Among a bevy of improvements, the [tag]FHA[/tag] has raised its loan limits, albeit not as much as the agency and lenders would have liked; moved away from onerous repair and inspection requirements; and generally retooled the lending process to make it less cumbersome for borrowers and their lenders.

FHA Commissioner Brian Montgomery is convinced these changes will “bring FHA into the 21st century and make us a real player in the mortgage market again.” At the same time, though, the agency hasn’t been sitting around waiting for something to happen. Here’s a brief recap: In January, it raised its maximum loan limit by nearly $50,000, to $362,790, in the nation’s most-expensive markets. The ceiling was bumped to $220,160 practically everywhere else — but somewhere between the two extremes in 468 counties. The FHA is asking lawmakers to raise the lid in high-cost markets to $417,000 this year and possibly even higher in subsequent years. But $362,790 isn’t exactly pocket change. With 3 percent down, it’s enough to buy a house priced at $374,010. (more…)

There are a lot of investments tied to real estate and mortgages these days, and each needs to be evaluated on its own merits. The [tag]first-lien mortgage[/tag] program McDoniel is selling from his [tag]Encore Mortgage Advisors Corp[/tag]. in Bedford, Texas, does have some positives, but it’s still going to be a Stupid Investment of the Week for the bulk of consumers who consider it.

McDoniel is a [tag]mortgage broker[/tag], and he is matching individuals with cash to [tag]real estate investors[/tag] buying properties either in foreclosure or for the purpose of fixing up and flipping. As the person putting up the cash, you become the bank of choice for short-term deals being done by the would-be [tag]real estate[/tag] magnates who use the no-money-down or buy-foreclosures systems discussed in late-night infomercials. (McDoniel says that the biggest surge of interest since the program started last year was after he presented it to a seminar audience hyping the investment programs of Robert Kiyosaki, author of “Rich Dad, Poor Dad.”) Because the program involves single mortgages on specific properties to one individual rather than a pool of investors the deals are not regulated and McDoniel is not functioning as an investment adviser. Of course, it is easy to overlook the potential problems of buying an unregulated investment because this is a mortgage, something almost everyone can understand. (more…)

Total home sales and house price appreciation reached their peak in the 2002 — 2005 Housing Boom during the 2nd quarter. Home values grew at an energetic rate of 15.4 percent annualized and home sales (including condos) hit a record of 8.48 million in the quarter. All economic indicators supported a robust [tag]mortgage market[/tag]: GDP was solid, at a 3.3 percent annualized rate, payroll employment grew by 500,000 that quarter, and 30-year fixed-rate mortgages were at a relatively low 5.7 percent.

Looking forward, the U.S. economy is in a complicated position with mixed economic signals creating uncertainty for financial markets, business, and consumers. Rapid first quarter growth is expected to be replaced by slower GDP growth at a 2.8 percent annualized rate. Consumer prices sprinted upward in the second quarter, as oil prices edged up near $75 a barrel and the consumer price index, excluding food and energy, grew at a seasonally adjusted annual rate of 3.1 percent in the first five months of 2006, compared to a 2.2 percent increase for all of 2005. (more…)

If you think being a [tag]mortgage broker[/tag] is an easy, high-income job, read “[tag]The Complete Idiot’s Guide to Success as a Mortgage Broker[/tag]” by [tag]Daniel S. Kahn[/tag] and [tag]Marian Edelman Borden[/tag]. This new book reveals the benefits and drawbacks of being a mortgage broker “middleperson” between the mortgage borrower and the lender. The key author, Kahn, is a successful mortgage broker. Co-author Borden is a professional writer obviously hired to “polish” Kahn’s writing. Although the book puts a positive “spin” on being a mortgage broker, it dances around the details while it explains the generalities of the job.

Even if you don’t want to ever become a mortgage broker, the book provides a valuable perspective into the mortgage brokerage business, which will be especially valuable to everyone involved with real estate, especially real estate sales agents, investors and home buyers. Kahn, a New York mortgage broker who purchased his business from his boss, provides valuable insights into the daily operations. However, he is very general in his explanations without many specific examples from his presumably vast experiences. Mortgage brokers play an especially valuable role in the home mortgage and commercial mortgage finance business. Not only are they “order takers” for home buyers, but experienced mortgage brokers can often obtain “impossible” mortgages from obscure unknown lenders. Unfortunately, the book fails to explain this major mortgage broker advantage. (more…)

Many experts report that the combination of [tag]rising mortgage rates[/tag] and [tag]escalating home prices[/tag] over the last three years is pushing the dream of homeownership out of reach of more people.

“As the mortgage rates came down in the 1990s, coupled with the long economic expansion, we set records for [tag]home ownership[/tag],” said Roger Tutterow, dean of the Stetson School of Business at Mercer University in Atlanta. “Homeownership is an important component of well-being for most households.” But Tutterow is predicting a change. “As these mortgage rates go up, there are going to be individuals that were on the cusp of being able and not being able to purchase a home that are going to be priced out of the market.

One of the alternative sources in rural areas is a mortgage program subsidized by the [tag]U.S. Department of Agriculture[/tag]. The [tag]Rural Development 502 Direct Loan program[/tag] accepts people with good credit and dependable income below a prescribed threshold. It operates only in areas with less than 20,000 people. Wesley B. Sparks is USDA’s rural development manager serving portions of Hall, Forsyth and Barrow counties and all of Jackson, Lumpkin, Dawson counties. The program offers 100 percent financing with no down payment. The program takes the applicant’s income and divides it into the average income for the county. The government provides a prorated subsidy on the monthly payment. (more…)

[tag]Piggyback mortgage[/tag] programs — one of the most popular ways to afford a home purchase in many high-cost markets — are getting tough new scrutiny from Wall Street. In fact, bond market restrictions that took effect July 1 could raise [tag]interest rate[/tag]s and fees for some home buyers who expect to take out a piggyback this summer. The name piggyback refers to the combination of a standard, conventional [tag]30-year mortgage[/tag] with a junior lien or second mortgage. The two loans are closed simultaneously and allow home purchasers to put little or nothing down while avoiding payment of [tag]private mortgage insurance[/tag] (PMI) premiums.

Recently S&P conducted an extensive analysis of nearly 640,000 piggyback first-lien mortgages contained in bond pools. Many of the mortgages helped fund home purchases in California, Washington DC, New York and other high-cost areas between 2002-2004. S&P’s findings amounted to a big dose of bad news for fans of piggybacks: First-lien mortgages connected with piggybacks are far more likely to go into default than stand-alone first mortgages of comparable size. According to S&P credit analyst Kyle Beauchamp, first mortgages that were originated as piggybacks are 43 percent more likely to go into default than standard first mortgages. Piggybacks made to borrowers with [tag]FICO credit score[/tag]s below 660 are 50 percent more likely to go into default than stand-alone first mortgages made to borrowers with identical credit scores. (more…)

According to the [tag]Mortgage Bankers Association of America[/tag], 4.7 percent of U.S. mortgages were delinquent at the end of 2005. With $9 trillion in outstanding U.S. mortgage debt, that places $423 billion at risk of foreclosure. Homeowners who are at risk (as well as prospective homeowners) can use the tips below to avoid mortgage trouble.

Don’t jump to refinance your home to pay off [tag]credit card debt[/tag]. Many people faced with large credit card debt or other unsecured debts consider [tag]refinancing their home[/tag]s. But this strategy only moves the debt, securing it with your home. That puts your home is at risk of [tag]foreclosure[/tag] if you are unable to pay. If you are not confident that you can keep up with your [tag]home loan payment[/tag]s, consider debt resolution or another debt relief option. (more…)

Home prices are up 52 percent since 2000, to a record high of $130,800 as the median price for the first quarter of 2006, according to preliminary figures from the [tag]National Association of Realtor[/tag]s. The group does not compute an affordability index for Springfield, but housing prices have gone up twice as fast as family incomes, according to U.S. Census data. When prices go up faster than incomes, fewer local people can afford to buy without spending a larger percentage of their income for [tag]housing[/tag], particularly when [tag]interest rates[/tag] rise as well, making the cost of buying more expensive.

The decision to scale back is not uncommon, said Jerry Coon, who along with his wife, Patricia, are agents with Carol Jones Realtors. Coon says his clients are still buying, but with the economic climate as it is, many are looking to starter homes — 1,000- to 1,200-square-foot homes running from $80,000 to $136,000. The average home sale is $145,000, Coon estimated. “People are looking for that middle-of-the-road pricing,” Coon said of homebuyers. “They want to be conservative with their spending.” However, finding a starter home can be tricky. There are plenty of previously owned ones on the market, Coon said, but newly built ones sell quickly. (more…)

Sales of existing U.S. homes fell in May to an annualized rate of 6.67 million as higher [tag]mortgage rates[/tag] sapped demand, the National Association of Realtors said last week. With the Federal Reserve raising its benchmark rate a quarter-point to 5.25 percent, things are likely to get worse before they get better, according to all but two of the 126 economists surveyed by Bloomberg News.

Many sellers are finding they must cut their initial asking prices by 10 percent or more to entice buyers, according to brokers. [tag]Real estate agents[/tag] sound more like car dealers as they use phrases like “cash back,” “buyer rebates” and “must sell.” They speak of being “skunked” at open houses — meaning no one showed up, even after the sellers made “price improvements.” “I’ve learned to bring a good book with me,” said Christopher Rotondo, 32, an agent with Watermark Realty, as he sat alone at an open house in Newport, R.I. “Last year, we’d typically get 20 to 30 people. You needed an assistant to direct traffic and hand out brochures. Now, more likely, it’s three or four people, and sometimes you get skunked.” (more…)

As a CPA, your son should know he is entitled to deduct the itemized property tax and mortgage interest deductions he pays on his tax returns if his name is on the condo title. His name does not have to be on the mortgage obligation to claim the interest deduction. (more…)

Owning your own home has been a lifetime goal, but low pay, credit problems and the difficult task of saving up enough money for a down payment have put wrenches in your plans. It appears a [tag]high-interest subprime loan[/tag] is your only option.Well, the nation’s housing agency may provide another way to help you achieve that housing dream, but its fate rests in the hands of Congress. Legislation has been introduced in the House as HR 5121 and a proposal is expected in the Senate.

The act creates a new risk-based [tag]FHA-insurance premium[/tag] structure. Risk-based pricing means financial organizations charge different interest rates to different people for the same loan, depending on the consumer’s credit. [tag]Mortgage lender[/tag]s typically examine a potential borrower’s credit score, credit history, down payment, debt-to-income ratio and loan-to-value ratio. Consumers with bad [tag]credit score[/tag]s get a higher interest rate, while those with better scores are offered a lower rate. (more…)

The [tag]North Carolina General Assembly[/tag] said goodbye Wednesday to the late [tag]Hugh Morton[/tag], calling the photographer and environmental champion a public servant committed to keeping the state beautiful. Lawmakers passed unanimously a resolution honoring Morton, who died of cancer June 1 at the age of 85. “We lost an outstanding man when we lost Hugh Morton,” said [tag]Sen. John Garwood[/tag], R-Wilkes.

Morton’s camera lens captured North Carolina history and its scenery for more than a half century, especially the flora and fauna around [tag]Grandfather Mountain[/tag], the peak he turned into one of the state’s leading tourist attractions with a zoo that included his popular Mildred the Bear. Morton also helped bring the battleship [tag]USS North Carolina[/tag] to Wilmington, protecting the [tag]Cape Hatteras Lighthouse[/tag] and keeping the Blue Ridge Parkway from going over Grandfather Mountain. The parkway ultimately went around the mountain thanks to construction of the now-famous [tag]Linn Cove Viaduct[/tag].
(more…)

The latest book from longtime real estate author [tag]Tyler G. Hicks[/tag], How to Acquire $1 Million in Income Real Estate in 1 Year Using Borrowed Money in Your Free Time, is really about how and where to obtain [tag]mortgage[/tag] money to acquire investment property. Despite its long title, this is a resource guide — rather than a real estate ”how to” book — explaining dozens of ways to finance property acquisitions and where to locate the necessary funds.

This new book is different from Hicks’ dozens of prior real estate investment books. Most of those books are ultra-enthusiastic about [tag]real estate investing[/tag]. But this one, while extolling the benefits of acquiring [tag]rental income property[/tag], is more realistic and practical because Hicks advises over and over to structure the purchase to be certain there will be [tag]positive cash flow[/tag] for the investor. If the book has a flaw, it is that the explanations of important topics are often too short. For example, the author suggests BWBs find a local mentor to guide them and offer advice. But he neglects to explain how to find prospective mentors or what the benefits might be for the mentor. (more…)

Whether you want a career in management or staff support, opportunities are plentiful. Employment in the [tag]banking[/tag] sector offers positions in a wide variety of professions. There are jobs in [tag]human resources[/tag], [tag]information technology[/tag], security, [tag]credit authorization[/tag], finance and about every support service you can think of in today’s office environment. However, most positions will remain in the traditional areas of banking such as loan officers and tellers.

Two of the most common positions in banking are [tag]loan officers[/tag] and tellers. A college degree is usually required to become a loan officer. Tellers normally require a high school diploma. Loan officers are involved with making loans. They often specialize in [tag]consumer, commercial or mortgage lending[/tag]. They typically handle application paperwork and assist clients in filling them out. Loan officers usually have a loan limit that is often based on seniority. After an application has been filled out, loan officers analyze and process the information and make final approval or rejection. Larger amounts such as for commercial transactions may go before a committee for final analysis and approval. Loan officers are quite often required to perform some marketing. This may include contacting businesses or other organizations. (more…)

Long-term [tag]interest rates[/tag], which include [tag]mortgages[/tag], are on the rise and show no signs of stopping. The [tag]real estate market[/tag] is slowing, which means [tag]homeowners’ equity[/tag] isn’t increasing at the rate it had been and, in some cases, may have declined some from a year ago. Add to that the potential curveballs of job loss, illness or other unexpected bad news, and a host of homeowners are finding themselves on the financial edge.

To be sure, most experts suggest that the vast majority of borrowers will be fine, because many have a fixed payment they can handle, even while riding out any dips in home prices. But there is growing concern for the niche of homeowners who have large [tag]home equity loans[/tag], [tag]adjustable-rate mortgages[/tag] or other more unusual home loans — and for those who can’t wait it out for whatever reason. “It’s the borrower who was stretched to begin with, the borrower who went for some exotic loan product knowing it was a little over their head,” said real estate attorney Neil Garfinkle, who has offices in Melville and Manhattan. “Some more foreclosure activity is inevitable.” (more…)