Dennis' Mortgage Blog

December 6th, 2007 7:10 AM
My apologies for getting this out late this month, technological glitch delayed the sending!
 
 
Please go to www.onehourforeducation.com and donate one hour of your pay to help school children in need, thank you!
 
If you wish to be removed from my email list for this monthly newsletter please reply to this email indicating you wish to be removed and I will do so.  Please forward this to any family member, co-worker, friend or acquaintance you feel may benefit from the information--as well they can contact me and be added to the mailing list.
 
Check out my Mortgage Blog where I update market and rate news every Friday and provide my views on the industry, credit, trends, etc on a regular basis.
 
Click on Financial Wire to read this month's wire and articles:
 
A lot of news this week with the "teaser freezer" agreement between the government and several lenders.  I have very mixed feelings about the move, mostly negative.  It certainly helps those whose rates will be adjusting after January 1, 2008, but what about those whose loans have already adjusted? Those who have already gone through foreclosure?  They have paid the price of the mortgages on their homes and the markets where they live, but now their neighbors are getting relief.  For many people the gamble on the low rate and high leverage will pay off, for many more it did not.  Once again government steps in and relieves accountability and responsibility.  We will see the impact this has on the markets.
 
The one article in this month's Financial Wire I wish to comment on is the one on Identity Theft.  This time of year there is increased theft as retailers higher more part-time workers, there are more credit card receipts in the trash, and people are signing up for "free" or "no interest" credit cards in department stores--often from part-time workers.  I have three main items of advice to minimize opportunity for identity theft (notice I said minimize not "eliminate"!):  1) Shred your financial trash.  Do not put it in the trash can, put it in a shredder.  2) Try not to put anything with financial information in the trash at your home.  If your neighborhood is like mine you have several trash pickers a week going through the recycle bins and trash looking for items they can recycle.  Besides the fact this is theft and illegal in most cities, it is also an opportunity for them to paw through your trash looking for any financial records.  3) Minimize the number of credit cards you have and use and check balances on-line regularly between statements.  Do not maintain department store cards, I have seen people at the point of sale registers say they forgot their card and can it be looked up--many stores still have this feature and it is not hard for part-time, or full time, employees on payroll for the holiday rush to do so after you leave the register.  Do not sign up for new cards for an enticing 10% discount on anything you buy that day--the math is not in your favor compared to possible identity theft, on $200 purchase you only save $10.  There is a fine line between vigilance and paranoia, be vigilant!
 
Here is the link to the Financial Wire for the month and here is the link to my Mortgage Blog  that I try to update a few times a week.
 
Let me know how I can assist you, a family member, friend or co-worker with their mortgage or debt management needs please do not hesitate to contact me.
 
If you have a subject you would like me to opine about on my mortgage blog let me know and I will see if I can oblige your request!
 
As we begin the month here is a look at 30 year fixed rates for purchase transactions with at least 10% down and a cost of 1 point:
 
Conforming has dropped to 5.625%  and we are flat on Jumbo 6.625%  Note I have included rates to January of 2006 so you can get a 2 year view:
 
RATES ON DECEMBER 1ST 2007                                                                              
 
Check out my Mortgage Blog  where I will address the Fed rate cut yesterday and other issues that impact mortgages and real estate.
 
We are in the midst of Hannukah and Christmas is on the way, during this busy season take a moment to reflect on your accomplishments and high points of the past year and thank those who assisted and supported you in achieving them.  In that note I thank all the professionals I am fortunate to work with in a wonderful industry, all my terrific clients who have entrusted me with their business, and my beautiful family who reminds me what fun life is!
 
Dennis
Thursday, December 06, 2007
 
Posted by Dennis C. Smith on December 6th, 2007 7:10 AMPost a Comment (0)
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