Prime Mortgage Funding
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Ronnie Said:
Has the sub-prime mortgage market completely dried up?We Answered:
I work for a billion dollar mortgage lender and I guarantee sub-prime loans have dried up. Unless you could find a private lender, good luck, you have no chance of getting anything sub prime these days. And the way you listed it, that's below sub-prime.Viola Said:
how much money is the state of wisconsin pension fund going to lose in the sub prime mortgage melt down, ha haWe Answered:
just yours - ha haWesley Said:
Are GICs in 401k's at Risk Because of MBIA's Credit Downgrade and Bank/Mortgage Problems?We Answered:
Most likely "no." The word "guaranteed" is a bit of a misnomer because the GIC is backed by an insurance company (most times) and their enormous assets. When they place an interest rate on their GIC, they do it with full knowledge of their assets and liabilities and the fluctuating interest rates and how that impacts their assets. (hey, these guys aren't paid 6 figures for nothing.)Two things you can do - look up the historical default rate on GICs (which will be very low, if it even is greater than 0), and see which carrier sold the GIC to your 401k. I think that either answer will be reassuring.
This article from NY Times 1990 stated that "no participant has ever lost a dime" but you probably want more recent research :)
http://query.nytimes.com/gst/fullpage.ht…
Leslie Said:
Is it better to payoff mortgage or keep the money in stocks and cash ?We Answered:
Keep the mortgage outstanding. It's a tax shield and there are not many available, so your effective rate is much less than the what the sticker says. As for the ARM rate, refinance it to a fixed or hybrid arm so that you don't get any sticker shock from rising rates, which may be on an upward trend for the near future. The only problem is that your mortgage is so low (not really a problem for you I guess), that you may not get people interested in re-financing it without points and such. Try and find a good product, maybe a 15-year fixed. I would think mortgage brokers are hungry for deal these days. As for your investments, it does not sound like you need the money, so consider getting a little more aggressive with it. Maybe not right now, but having some equity exposure will improve your returns over the long term, and help expand the fund for you and the kids.Aaron Said:
Can a mortgage call center still survive in this type of market?We Answered:
Continue with what you are doing. But you may need to alter your plan. While everyone else is scaling back on advertising because budgets are tight, get your name out there. Always be looking for new opportunities, not just the dated idea of newspaper ads.I think the crash of the subprime lenders was necessary, it wiped out the bottom feeders that had no business in the lending industry anyway. Things will recover.
Good luck to you.