State of the Podcast Update

Hello Listeners,

Ordinarily we present our reports via the Podcast format but you may have noticed that we have sort of slacked off a little bit with our audio updates. We are planning to continue the Podcast, but after reviewing the format we have had here for the last few years, we thought it might be time to do some fine tuning.

This podcast was originally launched 3 years ago in August, 2006. Our first episode was about how important it is to maintain good credit. Back then you could get financing with a 500 credit score, and a 620 score enabled a person to get into almost any type of program. Now, 3 years later, the bar has been lifted by 120 points; due to the Mortgage Crisis you need at least a 620 credit score to get a loan... AND you really need a 720 to access most products; there are even pricing penalties for certain scenarios for cash out loans where the person has a score higher than 740.

The mortgage industry has definitely changed since '06; originally this podcast was designed to talk about different types of mortgage programs that were available back then.. but now they are almost all gone as virtually every loan is full doc through either Fannie Mae, Freddie Mac or FHA. I am lucky enough to still have a bank doing stated loans and another one doing No Doc loans, but virtually all of those programs have disappeared nationwide.

I guess there really is no way to talk about these different programs unless we decide to launch a nostalgia podcast. We have shifted over to more news worthy events, even though the idea is to not make the podcast timely.. but rather timeless. Over the last several months we proposed an idea that we hoped could cut down on foreclosures... creating a fund for every loan where home equity equal to 8 months of mortgage payments is put aside - and that money can only be touched by the bank if a payment is missed. That way the 4 month foreclosure alarm bell would be put off to a year, giving banks and families plenty of time to work out an agreement if something happened to keep a person from paying his mortgage payments.

And how did we get into this mess? As we will discuss in a future podcast, the lawmakers who changed the Bankruptcy laws may have been a little bit shortsighted about the long term ramifications of that action. Chapter 7 filers have traditionally wiped the slate clean, while Chapter 13 filings require the filer to pay a monthly payment to their debtors through a trustee. The legislation passed a few years ago made it harder to get that "clean slate" of a Chapter 7 and pushed more people towards a 13. The harsh reality is that people who "budgeted" for a 7 didn't quite realize that they would have to actually pay back the debt and ended up using mortgage payment money to pay back the trustee. I have seen cases where people bought investment properties and then followed that closing with a bankruptcy filing.. all part of some grand plan that obviously had a closed loophole.

We will be back soon with more podcasts - we always welcome comments here. And to contact me, just click the "Call Me" button.... You can also Click Here to email me about any mortgage questions you might have.

Some Important Points About... Points

This month we launch our new promotion - anybody contacting us who mentions finding this site on LinkedIn gets lower closing costs for any purchase or refinance loan.


Now time for today's video. Rates have been dropping, and now families are getting opportunities to get an even lower rate by paying discount points. Are points a good idea? Today's episode provides more details. For more information, please call us at 877-412-8730, or simply hit the Call Me button. You can also Click Here to contact us if you are looking for loan information

The Collateral Damage of Damaged Collateral

Today we explore a possible solution to the Mortgage Crisis. Banks have always used equity as collateral, but with real estate values declining sharply, is it time for banks to change the way their collateral policies? Click play or the title or the blue box to hear the episode and for more information, please call in at 877-412-8730, or simply hit the call me button. You can also Click Here to contact us if you are looking for loan information

Is It a Good Idea to Eliminate Yield Spread?

North Carolina recently passed some laws that change the ways mortgage companies do business. One of the changes was the elimination of a program called Yield Spread. Was it a good idea for them to do this, or does yield spread actually help lower payments? That is the topic of today's episode. Just click the title or any of the players to hear the episode. For more mortgage information, feel free to call us toll free at 877-412-8730.

Emailing Your Mortgage Company's CEO: One Man's Story

Today we tell the story of a gentleman who was running into trouble paying his mortgage. He found a possible solution to his problem, but his attempts to rectify the problem met with a stunning result. Click the title or the blue box on the side to hear today's episode. And for more information about this topic or anything else mortgage related feel free to call us at 1-877-412-8730, or simply hit the call me button. You can also Click Here to contact us if you are looking for loan information

The Value of Appraisers

As the mortgage crisis continues, a lot of bank have been raising issues with appraisal reports. Today we talk about the value of a good appraisal. Click the title to hear today's episode. For information about low cost purchase or refinance programs or any other info you have heard on The Mortgage Podcast, call us at 1-877-412-8730. You can also Click Here to contact us if you are looking for loan information.

The Mortgage Crisis: The Banks' Role

On a recent episode we discussed how consumer spending led to the credit crunch that has caused so many problems for the mortgage industry. Today, we look at bank decisions over the last few years and how they got us to this situation. Just click the title to hear the episode. For more information on any of The Mortgage Podcasts topics or anything mortgage related, feel free to give us a call at our new number at 1-877-412-8730. You can also Click Here to contact us if you are looking for loan information.

Will This Be The Year that The Mortgage Crisis is Resolved?

Today we launch our 3rd year of The Mortgage Podcast. 2007 was quite a year for the mortgage industry as the subprime mortgage crisis caused banks to drastically change the programs that had become popular in past years. Now that 2008 has arrived, lawmakers in Washington are getting together to see what can be done to try to put a dent in what has turned into a major crisis. In today's episode we discuss some of these proposals, and as you will hear... some of these concepts still need some serious fine tuning.

For any mortgage inquiries you may have, feel free to call in at our new number at 1-877-412-8730. You can also Click Here to contact us if you are looking for loan information.

More Industry Changes

In today's episode we discuss attempts by some states to regulate the mortgage industry by not allowing lenders to offer stated income or no document loans. Is this a good idea? Click the title to hear more. And for more mortgage information feel free to call in at our new number at 1-877-412-8730. You can also Click Here to contact us if you are looking for loan information.

Option Arm Loans and Prepayment Penalties

Today marks exactly one year since we started this podcast. Interestingly enough, this episode was inspired by a caller who had a prepayment penalty on an Option Arm Loan and told me she was counting down to the anniversary date of her loan so she could avoid a prepay. However, as it turned out we carefully reviewed her program and figured out a way to save money and pay the penalty. In today's episode we talk about Option Arms and look into scenarios where it's worth it to refinance during the penalty phase. Please click the title to hear the episode.

We have just moved our audio files to ClickCaster, after we kept them at Streamload/MediaMax which was extremely unreliable. Now thanks to Clickcaster, all files will be there when you want to hear them! For more information on Option Arms and any other mortgage questions, feel free to call in at our new number at 1-877-412-8730. You can also Click Here to contact us if you are looking for loan information.

Recent Interest Rate Changes

In a prior episode of this podcast, we discussed how people often become too fixated on the rate instead of the payment. In today's episode we talk about recent interest rate changes and how despite the higher rates, you can still save money when you refinance. Click the title to hear the episode. Feel free to call in with your questions at our new number at 1-877-412-8730. You can also Click Here to contact us if you are looking for loan information.

Important Information About Condominiums

In today's episode we talk about new developments involving the stricter mortgage requirements and how they affect people who are buying or refinancing a condo. Click play to hear the episode, and feel free to call in with any questions you may have regarding this or any other episode at our new number at 1-877-412-8730. You can also Click Here to contact us if you are looking for a loan.

Mortgage News Stories and How to Avoid Being One of Them

As you may have noticed, there have been a lot of stories in the news recently about consumer complaints regarding mortgage loans. Today we discuss steps you can take to make sure that your loan proceeds smoothly. To hear the podcast, click the title. If that doesn't work due to technical difficulties, feel free to click the title in the blue box on the right. For more information, feel free to call in at our new number at 1-877-412-8730.

Mortgage Industry Changes

By now you have probably heard on the news that mortgage lenders are changing a lot of loan programs. The loan program that will be most affected is the subprime loan - the loan offered to people who do not have good credit. Today we discuss subprime loans, and we take a look at another type of program that also could be facing changes soon - The Stated Loan. Click the title to hear the podcast; for more information feel free to call in at our new number at 1-877-412-8730.

HUDs

Everybody likes a surprise every once in awhile, but from the standpoint of a mortgage professional, you never want to see a surprise on the Housing and Urban Development Report. That report, better known as the HUD, is filed with the government after every mortgage transaction and lists all of the fees charged for either a purchase or refinance. In today's episode we discuss recent news items concerning lawsuits that were filed after "HUD surprises". To hear the episode, click the title and for more information, please feel free to call in at our new number at 1-877-412-8730.

Debt Consolidation Loan Programs

Now that the post holiday credit card bills are starting to arrive in the mail, a lot of people are thinking about rolling their credit card debt into their mortgage. Is it a good idea? Today we discuss how these loans can save you money, and also help you on your taxes. Just click the title to hear the episode. For more information, feel free to call us toll free at 877-412-8730.

Option Arm Programs

Have you heard all those ads for the "1%" mortgage loans? A lot of people have called in asking about how they work, so today we will explain how these loans are structured and how they amortize compared to interest only loans. Just click the title to hear the podcast.

Amortization and Interest Only Loans

Interest Only loans are growing with increasing popularity - but is it really a good idea to get one in today's real estate market? Today we discuss interest only loans and amortization, and we talk about a very popular program, the 30 year fixed - 10 year interest only program. Just click the title to hear the podcast.

Rates - Fixed vs. Adjustable

Once you have a mortgage, the question is do you get a fixed rate or an adjustable? Fixed loans will never change, but adjustable rates go up once the fixed period ends. In today's episode we will look at the advantages of fixed vs. adjustable, and discuss actual scenarios where an adjustable rate mortgage would be a better option. To hear today's episode, simply click the title. We always welcome your questions at our new number at 1-877-412-8730.

The Most Over-rated Word Is...

In today's episode we discuss how interest rates affect your payments. I get a lot of calls from people who do not realize how all of the numbers relate to each other, and that it is actually possible to have a lower payment with a higher rate, and vice versa. Just click the title to hear today's episode, and of course we are always happy to take your calls at our new number at 1-877-412-8730.