Written by:
Frank Sisco, 30 Mill Road, New Rochelle, NY 10804
Home office - 914.740.4422, Cell - 914.740.4422; Email – ideasmoney@aol.com
www.LifeAndMoney.com
Copyright 2008 Frank Sisco
Word count - Main body - 557 words, AcrossTheMediaReferences - 36 words, About the Author - 63 words
"The Good News in the Mortgage Market " - A "Life and Money" interview.
A conversation with Stephanie Thompson, President of Nantucket Equities, located at 612 Milton Road, Rye NY. Tel 914.921.2077
By Frank Sisco
Stephanie Thompson is a mortgage broker who thrives on opportunities. Her very positive and optimistic disposition guides her to silver linings, and often to find good deals for her clients. The current mortgage market has hurt many borrowers and investors, especially in the subprime sector, but as with life, when one door closes another opens. In my home office recently, we talked about the glimmers of the good news.
Frank: What are some of the opportunities and good ideas lurking beneath the bad news?
Stephanie: There are so many positives happening. Right now rates are excellent. It's a great time to buy a home and to look at investment properties. And it's a good time to think about your current mortgage situation. Do you have a first and second mortgage you want to consolidate? Is your adjustable rate about to rise and do you want to refinance it with a fixed rate?
Frank: Can you give me an example of a new guideline that has helped the borrower?
Stephanie: The buy-down benefits are changing. Not too long ago, paying one point upfront would get you ¼ point off the mortgage rate whereas now it buys ½ off the rate.
Frank: How has the declines in real estate prices affected the housing and mortgage markets?
Stephanie: People are coming to rely more on realtors, especially to price the house properly and market it. Another thing a good realtor will tell you is what you need to do to make your home more saleable. The real key is whether you can hold the property. This is not the time to buy a property to make a killing but it is the time to comfortably buy your next property. Good credit really is golden, and mortgages are indeed available.
Frank: Will borrowers benefit from consolidating their loans?
Stephanie: Usually yes. We've been contacting our clients and helping them to analyze how much can be saved monthly by consolidating their debt into a newly-refinanced first mortgage. One case we're now working on will save the client $700 per month.
Frank: Even though I consider myself a self-starter, I very much value experts in their field. I say, why not go to a mortgage broker who knows all the different deals available from many lenders. True?
Stephanie: Yes. People rely on us to be their professional representative. For example, we help clients find lenders who offer float-down options, which means that if you lock in now, you have the security of getting the rate you were quoted but if the rate goes down between the time of your lock-in and your closing, you can get the lower rate. In another case, we can tailor programs for the borrower. In the last year or so, we are arranging many loans called "30/10 interest only." The loan is a 30-year fixed loan but for the first 10 years the payments are interest only. You have the benefit of a fixed rate for the duration of the loan but are required to pay only interest during the first 10 years. At the end of 10 years, the mortgage becomes a 20-year fully-amortizing loan at the same initial rate. This loan is great for people starting out and also for people whose compensation is largely bonuses that they can then use to make principal payments.
Across the Media References:
The website for Stephanie's company is at: http://www.nantucketequities.com/
Videoclips of Frank's conversation with Stephanie can be found on www.VideoVoom.com (under People, then under "Mortgage Brokers/Bankers" or on www.youtube.com (search on Nantucket Equities).
About the author:
Frank Sisco is a CPA, Personal Financial Specialist and video journalist who writes on topics related to life and money. You can contact Frank by email at
ideasmoney@aol.com or by phone at 914.589.1013 in order to express your
opinion about this article or to obtain copies of prior articles. Frank, and his wife and daughter, reside in New Rochelle, NY .
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