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700 Billion Bailout. Possible Reactions.

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For every action there is an equal and opposite reaction. I wonder what the future will bring? Now the big three in Detroit want to be bailed out. I wonder, How much money did the big 3 spend lobbying against regulations requiring minimum MPG? Fighting the trend of new technologies and building more fuel efficient vehicles. Now they are getting their butts kicked by Toyota, Honda, Nissan, and it is our job to bail them out. No.

In 1972 we had a gas crisis and we knew there would be problems, and we did nothing. The past teaches us.

Thank You

Marc

What is a Short Sale?

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This is a good intro to short sales, for anyone who doesn't know what one is, as well as anyone looking to do one. Yes they can be done, and yes they are done everyday. However, they take longer and can be complicated. You are negotiating against the bank ina pre-foreclosure short sale. The owner must be involved as well, because it is a pre-foreclosure. Also take into consideration a deficiency judgment against said owner.

After the Bank has foreclosed, and the property does not sell to a Private Investor. Then the property becomes classified as REO or Real Estate Owned, and the Banks want to move these properties off of their books. These can be good properties to buy. Visit www.StTammanyREO.com for a free list of REO homes available in the St Tammany area, matching your specific criteria.

Any questions, please email.

Thank You

Marc

marcp@scogginproperties.com

Integra Lending Group, LLC Interest Rates 11/3/2008

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Conforming APR Payment per
$1,000		 Jumbo APR Payment per
$1,000
15-Yr. fixed 6.250% 5.932% $8.57 7.500% 8.165% $9.27
5-Yr. fixed ARM 6.500% 5.933% $6.32 7.75% 7.853% $7.16
30-Yr Fixed 6.500% 6.186% $6.32 8.00% 8.105% $7.34
30-Yr Fixed $500 Closing Option 7.125% 6.818% $6.74 n/a% 0.000% $0.00
20-Yr fixed 6.500% 6.247% $7.46 7.875% 8.008% $8.29

Guy V Jones & Lance Scott
Integra Lending Group, LLC
385 Hwy 21 Suite 301 Arbor Walk Professional Plaza
Madisonville, LA 70447

Housing and Economic Recovery Act of 2008, $7500.00 Tax Credit

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Attached is information about a $7500.00 Tax Credit for qualified first-time home buyers. This tax credit is available due to the Housing and Economic Recovery Act of 2008, and is available if a home is purchased before July 1st, 2009.

Download jessicaknighttaxcredit.pdf

This information is provided by;

Jessica Knight

Loan Originator / Iberia Bank

jknight@iberiabank.com

Please contact for more information.

Direct Line 985-674-8220

Thank You

marcp@scogginproperties.com

15-Year Fixed Rate Loans

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A 15-Year Fixed Rate loan works well for borrowers who are nearing retirement and want to be debt-free when they get there. Because payments in a 15-year scenario are amortized over half the length of a 30-Year Fixed Rate loan, the monthly payments will be significantly higher in comparison. This is an important factor to consider before committing to a 15-year loan. However, the interest rate on a 15-Year Fixed Rate loan will be lower for the same reason – financing for 15 years costs much less than financing for 30 years.

If a borrower is 50 years old and would like to be debt-free when retiring at age 65, then a 15-Year Fixed Rate loan will allow the borrower to meet that goal as far as their mortgage is concerned. However, if there is any question as to whether the borrower will be able to commit to the higher monthly payment, the alternative is to take a 30-Year Fixed Rate mortgage and make pre-payments with some consistency. If the borrower has the discipline to make those extra payments whenever possible, he or she can still attempt to meet the same goal.

I prefer to educate my borrowers so they can compare the benefits of each program and have the opportunity to review loan options with their financial advisors.

The Information in this Post is Provided by:
Integra Lending Group, LLC
Phone: 985 206 0960
Fax: 985 206 0965
Email: ls@integralg.com
For a Free Pre-Approval, Visit: Integra Lending Group
Proudly Serving St Tammany Parish Louisiana

What are Points, and When should you pay them?

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Points are up-front fees paid to obtain a better interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to be in the loan, and to compare current rates to historical market trends.

If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3,000. Paying a point up front saves $100 a month but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months.

Rates run in cycles. When rates are at historical lows, it is sensible to pay points if you plan to live in the home for an extended period of time. It is unlikely that rates will go down; hence, there will be no need to refinance.

When rates are up, there is a strong likelihood that they will come down. This is no time to pay points. The chances of refinancing in the future are extremely high, and you will likely not be in the loan long enough to recuperate the cost of the points.

The Information in this Post is Provided by:
Integra Lending Group, LLC
Phone: 985 206 0960
Fax: 985 206 0965
Email: ls@integralg.com
For a Free Pre-Approval, Visit: Integra Lending Group
Proudly Serving St Tammany Parish Louisiana

Rate Lock Duration

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Lock durations can vary for mortgage financing, but most lenders lock in the interest rate for 60 days from the date the loan application is submitted. As long as the loan is closed within that lock-in period, the lender honors the agreed upon interest rate.

Some consumers are misled by advertising that quotes unrealistically low rates based on 15- or 30-day lock durations. This is called 'short-pricing.' The lender basically knows the borrower doesn't have time to meet their conditions and have all the necessary paperwork in order within that brief time period. As a result, the lender is not obligated to honor the low rate that was listed in their advertising.

For simple refinance transactions, a 45-day lock-in period is more realistic. For purchase transactions, which are typically much more complex, you're much safer going with a 60-day lock, even though the interest rate might be a little higher than the rate you see quoted on billboards and the Internet.

Borrowers should make sure they have a written rate lock agreement, and allow themselves a reasonable amount of time to close their loan. I prefer to lock in all my clients as soon as their application is filed, rather than gamble with predicting short-term interest rate movement. My team and I focus more on assisting clients with long-term goals and management of their mortgage debt to secure a strong financial future.

The Information in this Post is Provided by:
Integra Lending Group, LLC
Phone: 985 206 0960
Fax: 985 206 0965
Email: ls@integralg.com
For a Free Pre-Approval, Visit: Integra Lending Group
Proudly Serving St Tammany Parish Louisiana