BB&T Review: 6 Banking Products that Offer Personal Finance Solutions

A BBamp;T mortgage can help you finance or build your dream home. Mortgage loan options include a fixed rate home loan, an adjustable rate home loan, construction loans, VA mortgages and first-time home buyer loans. Mortgage professionals are available to help you determine the best loan option. The mortgage center can also provide up-to-date information on BBamp;T mortgage rates. Apply online and see how you can save.

5. Other Loans

Whether you need a personal loan or an auto loan, BBamp;T offers a range of lending solutions. Use a personal loan to finance a major purchase, or borrow from your equity and make improvements to your home.

6. BBamp;T Credit Cards

Building a solid credit history makes it easier to qualify for loans, plus good credit results in a better interest rate. With BBamp;T credit cards, you can build or improve your personal history. The BBamp;T Platinum credit card feature a low interest rate and no annual fee. Enjoy a 0% introductory rate for the first 12 months. Another option is the BBamp;T Rewards credit card. You can earn 1 point per every $1 you spend. There is no annual fee, plus 0% interest for the first 12 months.

Pros of BBamp;T Bank

BBamp;T online banking is a major plus, as account holders can manage and monitor their various accounts from their home computer. This convenient feature lets customers pay their mortgages, credit cards and other bills online, as well as track their daily spending. In addition to online banking, BBamp;T now offers mobile banking. Account holders can download the banks app to their smartphone or tablet computer. Upon downloading the app, they can view their accounts and deposit checks with their devices. There is also the option of accepting credit cards with a mobile device.

Another plus is the interest rate account holders receive on their eSavings account. An interest rate around 0.01% or 0.02% is typical with most standard savings accounts. However, BBamp;Ts eSavings account pays an interest rate of 0.5%. This higher rate can grow your savings faster and help you reach savings goals sooner.

Cons of BBamp;T Banks

Unfortunately, BBamp;T locations are limited to 12 states in the southern region of the US This is an inconvenience for account holders who travel or move outside this area, as theyll have to choose another bank or pay expensive ATM fees.

As the 10th largest financial holding company in the U.S, BBamp;T is slowly gaining a reputation as a big bank. Thus, BBamp;T customer service may not compare with a small community bank. Due to the large number of customers, lack of personable service/attention can be an issue.

Should You Bank with BBamp;T?

If youre looking for a bank thats been around for many years, and one that offers a host of financial services, BBamp;T is the answer. This bank may be a perfect fit if youre looking to maximize your money, as it offers a broad selection of CD products and a high savings account rate. Additionally, with mobile and online banking, managing your accounts has never been easier.

(Feature image: Frank Kehren)

Moses Lake, Washington

Home Loans | Mortgages Moses Lake |
Mortgage Refinancing | First Time Home buyer Loans | Buying a Home
| Selling a Home | Mortgage Calculators

Guild Mortgage

Moses Lake, Washington


Mortgage is the leading privately-held mortgage company in the
Columbia Basin. Located at 506 East Hill just off Pioneer Way, the
helpful professionals at Guild Mortgage will help find the Home
Loan program that will work best for you. We specialize in home
loans for first time homebuyers, current homeowners looking to
refinance their existing mortgage, and special mortgage financing
programs and information. We serve all of the Columbia Basin,
including Moses Lake, Ephrata, Quincy, Othello, Warden, and Royal
City as well as rural Grant and Adams Counties.

We have lived, experienced, and proved our commitment to our
customers and employees for more than fifty years, through all
kinds of markets, by creating partnerships for lasting success. We
pair the resources of large companies with the accessibility and
soul of a small company, to serve our customers’ needs. Our vision
for Guild Mortgage Company is to build on our decades of success by
seeking new opportunities for growth while keeping true to our
history and values.

Follow the links below for information on Homeownership and
lending with Guild Mortgage. Have a question? Give us a call at
509-766-7788 or visit our website.

Buying a Home

Am I ready for home ownership?

  • Why Own a Home?
  • First Time Home Buyer Dos
  • 10 Tips for New Home Buyers
  • Setting Up a Budget
  • Savings Goal Calculator
  • Learn How Credit Works
  • Rent vs Own Calculator

Resources for understanding the loan

  • Mortgage Basics
  • What to Bring to Your Loan Application
  • Payment Calculator
  • Total Payment Calculator
  • Getting Pre-qualified For a Mortgage
  • Income Calculator
  • Cash Needed Calculator
  • Paperwork to Keep After Closing

Find a Home

  • Avoid First Time Home Buyer Mistakes
  • Dream Home Wish List
  • Finding the Perfect Neighborhood
  • Keeping Your House Hunting on Track with Mobile Apps


What to consider when refinancing

  • Items to Consider Before Refinancing
  • Should I Refinance My Mortgage?
  • Refinance Calculator
  • Payment Calculator
  • Total Payment Calculator

Understanding your refinance options

  • What is an ARM (Adjustable Rate Mortgage)?
  • What are Points and When Should I Pay Them?
  • Fixed Rate Mortgages
  • Which is the Better Mortgage Option For You: Fixed Rate or
  • Refinance Calculator
  • Payment Calculator
  • Total Payment Calculator

Selling a Home

What you need to know when preparing to sell your

  • Ways to Increase Your Home Value
  • Quick Homeowner Updates
  • Before You List Your Home For Sale
  • 10 Secrets of Home Staging

Seller Tips and Tools

  • Top Five Mistakes Sellers Make
  • Pricing Your Home to Sell
  • Choosing Your Agent
  • Net Proceeds Calculator

Making the Move

  • Relocation Tips to Help You Make Your Move Stress-Free
  • Make Moving Fun: 10 Tips for Families
  • Moving Advice: Happy Pets
  • Relieving the Stress of Packing


  • Payment Calculator
  • Total Payment Calculator
  • Income Calculator
  • Cash Needed Calculator
  • Rent vs Buy Calculator
  • Savings Goal Calculator
  • Refinance Calculator
  • Net Proceeds Calculator

Our Team

Anne Fisher

  • Sales Manager
  • WA MLO-292734
  • Phone 509-766-7788
  • Fax 509-766-9972
  • E-Mail

About Me

Meet Anne Fisher, our Sales Manager and Senior Loan Officer. We
have a picture and a brief bio from her below:

I have been in the mortgage industry for 14 years. I have a
great amount of knowledge and experience in the mortgage industry
and am a top producing Loan Officer and Sales Manager for Guild
Mortgage. I work with borrowers in all stages of life for both
purchasing and refinancing of their homes. I take pride in working
with my customers to educate them about the various mortgage
products and the loan process. I truly love what I do!

Our office team of originators, assistants and processors work
together to make sure that every effort is made to communicate with
the borrowers and Real Estate Agents, to make the process as simple
as possible for all and to close each loan on time. We process
loans in the office which gives an added level of customer service
that is second to none.

I have with the exception of a few years, lived in Moses Lake
all my life. My husband and I are proud to be raising our kids in
Moses Lake and have a great appreciation for the opportunities that
are offered to us in Eastern Washington.

I am involved in our community serving now on the Board for the
Moses Lake Chamber of Commerce and as an Ambassador. I also make
every effort to support numerous other community events and
organizations both personally and on behalf of our office.

Contact me anytime to submit a loan application or ask questions
about what financing options may be available to you.

Larry Shannon

  • Branch Manager
  • WA MLO-62723
  • Phone 509-766-7788
  • Fax 509-766-9972
  • E-Mail

About Me

have over 30 years mortgage lending experienced here in the
Moses Lake area and have always been very involved in our
Community. Currently I have been appointed by the Grant County
Commissioners as a Grant County Housing Authority Board Member. I
spent 11 years on the Moses Lake Planning Commission and have
always believed that we must give back to the Community. My wife
and I searched out Moses Lake in 1979 as the place to raise our
family. We are blessed with three great daughters and six
grandchildren that call Moses Lake their home.

I strongly believe that you should treat others as you would
expect to be treated. Whether it is your first home loan or not,
the process can be stressful. Especially with all the new
government regulations it is even more important that you can sit
down with someone face to face that will help walk you through the
process. If you need a Zero Down Loan or you have money to put
down, we have many programs to choose from or, if it is a refinance
you need, let us give you options on what would be best for you. I
am a Veteran (SGT, US Army) and strongly believe in helping our
veterans. Our office at Guild Mortgage has some of the most
talented and experienced people in the lending industry and are
always willing to go that extra step to make you feel part of the
process. We process our loans here in the local office and there is
always someone available to answer your questions. If you feel you
might have credit issues, please feel free to call or stop in. We
have helped many people who had issues and have worked with us to
clear the path to home ownership. I deeply feel that everyone
should have the opportunity to own their own home. Many of our
first time home buyers have been over 55 years old and some have
been as young as 18 years old. It is never too late or soon to own
your own home. You do not need an appointment to start you on the
path to your first or next home. Please stop by our office and see
what we can do to help you.

Kelly Shannon

  • Loan Officer Assistant
  • WA MLO-1042300
  • Phone 509-766-7788
  • Fax 509-766-9972
  • E-Mail

About Me

I have been with Guild Mortgage for a little over a year now.
Previously, I had worked in the food processing industry in a
variety of positions including management and sales. I am very
happy that I now work for Guild Mortgage, and I love working for an
office that is so experienced and customer service based.

We are here to help you through the loan process and to make it
as smooth as possible. Our goal is to make your experience very
positive and that we are with you every step of the way.

I also love working in the great community of Moses Lake. I was
raised here, and came back after I attended college in Montana,
where I received a Bachelors degree in Business Management and
International Business. I am getting married in May, and am very
excited to be raising my own family in Moses Lake.

Contact me if you have any questions or would like to get your
home loan started – I can help and will also direct you to one of
our fabulous Loan Officers!

Clete Hoiness

  • Loan Officer
  • WA MLO-1198383
  • Phone 509-793-4092
  • Fax 509-766-9972
  • E-Mail

Common Financial Myths Debunked – Part 2: Mortgage Loans

This is the second installment of our financial myth-busting series. We will be targeting typical misconceptions about mortgage loans. Be sure to check out the first part of the series, which covered myths about debt.

Obtaining a good home loan can often get complicated when first-time home buyersand even buyers with home-owning experienceconfuse certain mortgage facts with fiction.

There are many myths that home buyers are conditioned to believe as truth, but being able to discern between what is real and what isnt can help you maximize your experience and the dollars spent when buying your home.

Myth #1: I should pick the house I want first.

Most people believe that buying a home means finding a house that you like, negotiating a price and then finding a home mortgage loan to finance your purchase. While this seems like common sense on the surface, you would actually be better off doing the complete opposite.

Start your search with a pre-approved loan, then find houses that fit in your budget and choose your future home within that pool. By reversing the process, you maximize the efficiency of your house-hunting efforts by eliminating homes outside of your price range. This also helps to avoid future headaches like having to deal with a mortgage you cant afford.

Myth #2: 30-year loans are the best.

Hands down, the most popular mortgages in the US are the 30-year home loans. That doesnt necessarily mean theyre the best, though. The 30-year mortgage loans are a fan favorite for the simple fact that they require lower monthly payments because the loan is spread out over a longer term.

This makes home financing seem more affordable to people, but what they may not realize is that theyre paying more in interest over the life the loan. If you punch those terms in a mortgage calculator, youll find that choosing a 30-year mortgage loan over one with a 15-year term means youll be paying more that twice as much interest once the principal is completely paid off.

Myth #3: I need a large down payment to qualify for a loan.

A large down payment is not necessary to buy a house. The Federal Housing Administration backs first-time home buyer loans that only require only a 3.5 percent down payment. But by now, you know that a 20 percent down payment is required in order to avoid having to pay for costly private mortgage insurance (PMI). While this is true, you could also look into getting a piggyback loan if you fall short of that 20 percent.

A piggyback loan is a second trust loan to complement your down payment and original mortgage loan. This helps you avoid having to pay a PMI and finance a house with less than a 20 percent down payment. That said, piggyback loans usually charge a higher interest rate, and having two mortgage loans and so little equity in your home really puts a strain on your credit and debt limits.

Myth #4: I should pay down my mortgage first.

In theory, paying down your mortgage loan first and ahead of schedule seems to be a great financial strategy. Depending on what else you have going on, however, it might not be as good an idea as it sounds. Mortgage rates are traditionally the cheapest debt you can find. If you have credit card debt or obligations to a student or personal loan that charges you more than your mortgage rate, you should be focusing on paying those down first before making extra payments on your home loan.

Mortgage interest payments are also tax deductible, unlike most other forms of debt. Use that to your advantage. Another thing to consider is that most mortgage terms tack on additional payments to the back-end of your loan, so youre not saving that much in interest payments. While it doesnt hurt, it may not be the most efficient use of your money.

Myth #5: I cant buy a house without a great credit score.

An excellent credit score can be a great asset in your ability to get a good mortgage loan, but it isnt necessarily required. Your credit score is what lenders use as a way to gauge your likelihood of repaying your loan in full or defaulting. The lower your credit score is, the higher the risk you represent. In order to make up for that risk, mortgage lenders will charge you a higher interest rate on your home loan. This is why its important to monitor your credit activity and correct any incorrect reporting as soon as possible.

The process of finding and financing a home for purchase can get pretty complicated pretty quickly. The most important thing to remember is to make sure you know what you want and what works best for you and your finances. There is no rule of thumb that works universally well for everyone.

lt;lt; Read Common Financial Myths Debunked Part 1: Debt and Part 3: Student Loansgt;gt;

Stamford man to drop hedge fund for mortgage business

Ralph DellaCamera Jr. has been called a vulture investor who understands how to use a crisis to turn a profit, but something happened on the way to the feast on the carcass of the housing market that has this veteran money manager and Stamford resident moving out of the hedge fund business to focus on mortgage lending.

We are in the process of closing down the hedge fund, said DellaCamera, who has worked on Wall Street since the 1970s. Its mostly my money.

Part of this new focus on the mortgage market includes moving his iServe Residential Lending mortgage banking operations East Coast headquarters to DellaCameras home city, Stamford.

The company announced this week it will relocate from Rye Brook, NY, in August, taking up 10,000 square feet at 1010 Washington Boulevard, bringing its occupancy up to 60 percent, according to Larry Kwiat, SL Greens manager for the property.

There will be 50 employees moving to Stamford, according to iServe. The company does its own underwriting and has hired experienced mortgage lenders. It has 19 offices across the country, with its West Coast headquarters in San Diego.

iServes decision to relocate their offices to Stamford is further proof of our citys continued economic growth and business friendly environment, said Michael Pavia, Stamfords mayor in a press release. I am pleased that our residents will now have the opportunity to benefit from iServes financial services and valuable expertise.

The firm is already offering loans in Connecticut and has a potential loan portfolio of $15 million in the state.

Its definitely more rewarding, DellaCamera, chairman of iServes parent company, National Asset Direct, said, of issuing home loans. Its the American dream to own your own home. In the hedge fund business, youre always asking for more money. In the mortgage business, youre handing out money.

This move into originating loans grew out of the housing collapse, which DellaCamera saw as a buying opportunity.

In 2006, the hedge fund DellaCamera Capital Management, based in New York, launched NAD, to buy distressed mortgages at pennies on the dollar and then offer borrowers reduced rates on their mortgages, helping to keep them in their homes.

The premise behind this type of investment is to create a performing loan out of a non-performer and then sell it to the secondary market. It doesnt always work out for the home owner.

A 2008 Bloomberg News story profiled DellaCameras entry into this market with the story of a California cabinet maker who received a modified loan from DellaCameras business. According to Sonoma County records, that man lost his home this year.

NAD also buys performing loan portfolios and DellaCamera said it also sells bank-owned properties.

It was also in 2008 that NAD acquired Arizona-based United Residential Lending and rebranded the operation using the name of Uniteds subsidiary iServe.

DellaCamera, who made a large donation to his alma mater, the University of New Haven, to help restart the football program, said Stamford makes sense for iServe because its growing as a metropolitan center.

Stamford is on fire, he said, listing the number of development projects under way, including Chelsea Piers. He also cited the landing of NBC Sports and the presence of major financial firms, as well as AQR Capital in Greenwich and Bridgewater Associates in Westport, who are always looking to hire talent.

Stamford is an affordable alternative to New York City, where rents for a single bedroom apartment in a good are can top $4,000 a month, DellaCamera said. In Stamford, a young professional can land an apartment for $2,600, he said.

But that rental price is also a reason why hes bullish on home sales for the area.

A $372,000 house in Stamford, with 20 percent down, can mean a monthly mortgage payment of about $1,333, he said.

Ernie Craumer, a Greenwich resident who heads iServes East Coast operation, said financial industry professionals, firefighters, teachers and policemen make up the bulk of those applying for loans in the area.

We are doing a lot of first-time home buyer loans in Bridgeport — renovation loans, he said.

The Federal Savings Bank sees first profits in seven years

The Federal Savings Bank posted its first profit in seven years by carving out a niche for itself making mortgage loans to veterans and first-time buyers.

The bank is in the midst of a fresh start, free of the troubled loans that plagued its predecessor, Generations Bank, and filled with new capital, new management and a new culture. With a renewed focus on mortgage lending, management sees plenty of opportunity for growth.

“Sixty-plus percent of banks and non-banks that had an expertise or interest in the home loan business are now out of the business,” Chairman Stephen Calk said. “Many of those who consider themselves still in it have withdrawn rather dramatically.”

Calk, a former US Army combat helicopter pilot, said he understands veterans’ challenges and needs, so Veterans Affairs mortgages will be an important part of the bank’s repertoire. In the first four months of business, he said, 45 percent of the bank’s new loans involved veterans from throughout the country.

Bruce Vance, a partner at Olathe-based Advanced Bank Solutions, said a focus on mortgages for veterans and first-time home buyers is a nice niche.

“The strategy sounds good because it’s an underserved market right now,” Vance said. “There will still be some competition for it out there, but it’s really dropped off.”

Lynn David, president of Community Bank Consulting Services in St. Louis, said first-time home buyer loans are paperwork-intensive and require working with agencies outside the bank. It’s the same story with VA loans, and not many banks are making those loans because they take more time and effort than a conventional loan.

“Maybe they are thinking that in the past seven years there have been a lot more people in the military, so there is a niche there for VA loans,” David said. “They’re going to have to do it in a pretty wide geographical area to come up with any type of critical mass.”

Calk said that he’s already landing clients nationwide and that he’s ramping up capabilities so the bank can land even more. The bank hired about 25 employees in the past few months, building up a team of loan officers and all the back-office support necessary to make mortgage lending a priority.

Calk also hired Javier Ubarri as CEO. Ubarri, an 18-year banking veteran, most recently led commercial banking at Chicago-based Banco Popular.

“As a banker, it is fun to be part of a bank that is well-capitalized and actively looking to lend money,” Ubarri said. “We’re not trying to be the biggest, but the best in the mortgage business. It’s not only what our communities need, but there are many lenders out there looking to get back to work. So there is a lot of talent here in the Kansas City area.”

The Federal Savings Bank showed a year-to-date profit of $2 million as of June 30, a huge feat to accomplish in the short period since Calk acquired Generations Bank in April.

Generations Bank has a legacy tied to the bankrupt Brooke Corp., which a wide variety of government entities were investigating. Former Brooke Chairman Robert Orr and his brother, Leland, received lifetime bans from banking after being accused of allowing overdrafts to various Brooke companies without collecting fees or accruing interest charges to the accounts. The bank’s assets dwindled from $110.9 million at the end of 2008 to $43.9 million by the end of 2010. It hasn’t been profitable since 2007.

The hiring of Ubarri, ownership’s active involvement and an engaged and effective board have allowed the bank to build a management team and “bring a new energy to the bank,” Calk said.

“That has obviously done tremendous things to lift the morale of the previous employees we retained,” he said. “We were able to recover some credits that were previously written off after aggressively pursuing those.”

To be successful ramping up loan production, Vance said The Federal Savings Bank is going to need deposits.

Calk said that for now, the bank is filling its needs by using the Internet to advertise its CD rates, some of the highest in the nation. However, that strategy squeezes margins, so getting retail clients will be a priority. The bank has only one location, on the second floor at 7200 W. 132nd St. in Overland Park. Calk declined to discuss expansion plans, saying the bank is focused on expanding its business from the existing location.

David said banks really need only one location: They can use the Internet to find clients and advertise CD rates.

“A lot of banks have dropped their interest rates because they aren’t interested in attracting more deposits,” he said. “So you don’t have to bid that much higher than the rest of the market to get just about whatever amount of deposits you want.”

James reports about banking, financial services, manufacturing and sports business.

How to Position Yourself to Buy Your First Home

Despite the foreclosure turmoil that the national real estate market has been through over the last few years, homeownership remains a highly coveted goal for African-Americans. It’s also a goal that’s getting more and more difficult to reach. In its February 2013 report, The Roots of the Widening Racial Wealth Gap: Explaining the Black-White Economic Divide, the Institute on Assets and Social Policy (IASP) at Brandeis University singles out “years of homeownership” as one of the biggest drivers of the growing racial wealth gap (which increased from $85,000 in 1984 to $236,500 in 2009). According to the IASP, the number of years families owned their homes was the “largest predictor of the gap in wealth growth by race.”

Not only is real estate a good investment towards your future wealth, but it also helps to instill a pride of ownership that no other acquisition can provide while helping to close the widening wealth gap. Unfortunately, the home-buying process can be daunting for anyone who hasn’t experienced it before. Coming up with a down payment, going through extensive credit checks, and producing years’ worth of financial paperwork are just three of the hurdles that buyers have to go through to get to the finish line.

Here are six financial tips that will help position you to purchase your first home:

1. Figure Out What You Can Afford First

Take an introspective look at your monthly debt obligations, income, and income projections over the next 1-2 years. Consider the financial impact of your current housing payment and imagine what that would equate to if you added homeowners insurance premiums, property taxes, and maintenance/repair fees on top of it. Use an online calculator like CNNMoney’s How much house can you afford?, to come up with an “affordable” home price before applying for any loans or meeting with lenders.

2. Clean Up Your Credit

Visit to obtain a free copy of your credit report. The site is run by the three largest credit reporting agencies in the US and offers free annual credit reports, as required by federal law. When you receive the documents, look at your overall score, open lines of credit, and payment history.

Identify any inaccurate information and report it immediately to the credit bureau by phone. Once you’ve reported a discrepancy you may be asked to follow up in writing. The credit agency then has 30 days to review the request and contact the creditor about the problem. The creditor must verify the information within 30 days — if that doesn’t happen, then the credit bureau must remove the disputed information from your credit report.

3. Consider the Down Payment Requirements

Coming up with down payment cash is a major stumbling block for many first-time home buyers. Most lenders require 3 to 20 percent of the property value in cash upfront. The bigger your down payment the better as evidenced by the most recent rash of African-Americans who have had their homes foreclosed upon due to their use of “zero down” mortgages. Put simply, the more “skin” you have in the game (ie, your down payment) the better the odds that you’ll pay your mortgage and related payments when they are due and avoid foreclosure.

If you’ve decided to target homes priced around $200,000, be prepared to come up with a $6,000 to $40,000 down payment (at the higher end you’ll be able to avoid paying $40–$125 per month in Private Mortgage Insurance [PMI]).

4. Dig Down Into Your Down Payment Resources

If you dont have the funds on hand, talk to friends and relatives about possibly “gifting” you some or all of the down-payment cash. Other options to explore include the US Department of Veterans Affairs’ zero-down-payment mortgage program (for veterans, active duty personnel, and some members of the National Guard and military reserves) and local and state housing finance agencies (which offer down-payment assistance).

5. Shop Around for Your Mortgage

Don’t go with the first lender that pops up on your computer screen when researching homes online. Take the time to review the different types of mortgages available on the market today. You can use online resources like LendingTree or Bankrate to do side-by-side comparisons of lenders before making your final decision. To improve your chances of working with a reputable lender that is in good standing, visit the bank or credit union where you already do business and ask about home loan options. Talk to friends, family, and colleagues about their experiences (both good and bad) with specific lenders.

When you are reviewing your options be sure to compare the required down payment amounts, interest rates, terms, length of the loan, and other factors associated with a mortgage. Once you’ve picked at least three different options you’ll want to get pre-approved for a loan. This will help you look within your price range and will show realtors and home sellers that you’re a serious, qualified buyer.

6. Look to Uncle Sam for Help

Along with the government sources mentioned in #4, the Department of Housing and Urban Development (HUD) backs low-cost, first-time home-buyer loans via the Federal Housing Administration (FHA). The FHA insures the loan, which in turn allows lenders to offer low down payments, low closing costs, and more lenient credit qualifications. If you’re on a budget and looking for a fixer-upper, check out HUD’s 203(k) program, which provides loans large enough to cover the home cost and the price of the repairs.

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R.I. mortgage delinquency and foreclosure rates take a dip

PROVIDENCE — Rhode Island’s rates of mortgage delinquency, foreclosure and new foreclosure starts all fell less than 1 percent in the third quarter of 2013, compared with the second quarter, according to statistics released Thursday by the Mortgage Bankers Association.

Still, more than 1 in 10 mortgages in Rhode Island are either in foreclosure or behind in payments, well above historical norms.

Nationally, Rhode Island ranked 13th in delinquencies and 9th in new foreclosures started during the third quarter. The numbers come from the association’s quarterly National Delinquency Survey.

Rhode Island’s delinquency rate was 7.84 percent of mortgage loans, compared with a national rate of 6.67 percent for one-to-four-unit residential properties.

The delinquency rate includes loans that are at least 30 days past due, but it does not include loans in foreclosure. Rhode Island’s foreclosure rate in the third quarter was 3.25 percent, compared with a national rate of 3.08 percent.

For new foreclosures started during the quarter, Rhode Island’s rate was 0.75 percent, while nationally, that rate was 0.61 percent.

Jay Brinkmann, the chief economist for the bankers’ group, said the continuing high foreclosure rate is due to “underlying economic factors impacting the housing markets,” though “we’re also working through the problems of the past,” referring to the many unsustainable loans that led to massive numbers of foreclosures and the banking crisis of 2008.

Mike Fratantoni, the association’s vice president for research and economics, said that three-quarters of the loans in foreclosure today were made in 2007 or earlier, before bankers tightened their lending standards.

As of August, the latest available data, Rhode Island’s unemployment rate, 9.1 percent, was the third-highest in the country.

In explaining the recent layoff of 30 staffers, Rhode Island Housing executive director Richard Godfrey cited a cash-flow problem created in part by about a 7-percent default rate for its outstanding first-time home buyer loans (about 12,000 mortgages).

The Mortgage Bankers Association has been conducting a delinquency survey for 44 years. Fratantoni said that the national foreclosure rate of 3.08 percent in the third quarter of 2013, while lower than it was at the peak of the foreclosure crisis, from 2009 to 2011, when it reached highs above 4.5 percent, is still well above historically “normal” levels. For example, in 1979, the national foreclosure rate was 0.3 percent, while in the 1980s and 1990s, it ranged from 0.8 percent to a high of 1.5 percent in recessionary periods, he said.

Government Shutdown’s Impact on Mortgage Rates

Chicago, IL (PRWEB) October 09, 2013

After weeks of failed negotiations, the federal government shutdown over budget disputes. The Federal Savings Bank has been answering many prospective clients about questions regarding the government shutdown. As Americans face the first government shutdown in nearly two decades, the impact on the housing and mortgage market will most likely have minimal consequences if the ordeal is short-lived.

Federal Reserve quantitative easing

The government shutdown will likely have an effect on the Federal Reserves quantitative easing program, and its decision to taper its monthly bond purchasing level of $85 billion. In previous statements, Federal Reserve officials have made it clear that they will not begin to reduce their stimulus spending efforts until unemployment had reached 6.5 percent.

The shutdown will effectively halt the Bureau of Labor Statistics from collecting new labor data releasing its next scheduled employment report for September. The labor report was scheduled to be made available on Oct. 4, but the shutdown could affect the release date and, by extension, the decision by the Federal Reserve.

During the shutdown period, BLS will not collect data, issue reports, or respond to public inquiries. Updates to the site will start again when the Federal government resumes operations. Revised schedules will be issued as they become available, the Bureaus website stated.

In addition to the labor report, the US Import and Export Price Index, the Consumer Price Index and the Producer Price Index are all scheduled to be released in the coming weeks. These data are indicators of the economic recovery but could also be delayed due to the shutdown. The Federal Reserve may be unable to make a decision to taper bond purchasing without the economic data.

Future of mortgage rates

The effect on the mortgage market has so far been minimal. When the Federal Reserve began hinting that it would start to taper off its monthly bond purchasing in September, mortgage rates jumped to an average of 4.8 percent. After the announcement that the bond buying rate would remain the same, rates began to fall and have remained around 4.25 percent since.

According to the latest Mortgage Applications Survey by the Mortgage Bankers Association, mortgage applications decreased 0.4 percent in the week ending on Sept. 27. The report also revealed that refinance activity increased from 61 percent the previous week to 63 percent of all mortgage activity last week.

Applications for a VA Home loan and loan refinance will not be affected by the shutdown. The FHA and the Department of Housing and Urban Development have maintained that they will remain open during a shutdown, pushing through mortgages for first time home buyer loans.

It is unlikely that the shutdown will have a major impact on the mortgage market directly, and rates will probably remain low until the Federal Reserves decision. The recovery of the housing market is one of the biggest contributors to the overall health of the economy. While the shutdown is ongoing, borrowers can be assured that loans and mortgage refinance applications will still be processed. We expect the government shutdown to be short lived says Nick, a banker at, The Federal Savings Bank.

Contact The Federal Savings Bank to explore affordable mortgage options.

New Updated 2014 First Time Home Buyer Programs Available to Florida …

The new 2014 Florida First Time Home Buyer Programs are available on FloridaFirstTimeHomeBuyer.Info. These 3 new programs are the most comprehensive down payment assistance programs in the entire southeast.

Orlando, Florida (PRWEB) September 16, 2014

These new programs allow those who haven’t owned a home in the last 3 years to receive up to $10,000 in a 0% interest free, 2nd down payment assistance mortgage loan. This program, as well as other state and federal programs, are listed on their private website. The $10,000 does not have to be paid back until you sell or move out of the property. The down payment assistance 2nd mortgage loan is a 0% interest loan. There are no monthly payments paid by the Borrower. The money is paid back when you sell or refinance the home.

There are three versions of the program. The first program is the FHA Bond Program for FHA qualified Borrowers. The second program is for Conventional Borrowers. The third program is also for Conventional Florida First Time Home Buyers, but allows a higher buyer income limit.

The minimum middle credit score requirement is approximately 640 for all of the programs, but higher credit scores strengthen the likelihood of loan approval.

New 2014 – Florida First Time Home Buyers programs

2014 FHA Florida Housing First Time Homebuyer (FTHB) Bond Program

  • 30-year, fixed-rate first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a loan. Borrowers who qualify for this first mortgage program are automatically qualified for one of Florida Housing’s down payment assistance programs(
  • The assistance comes in the form of a 0% interest or low, fixed-rate second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FTHB program first mortgage products.

Learn more:

2014 Conventional Preferred Down Payment Assistance Program for Florida First Time Home Buyers

  • 30-year, fixed-rate first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all Florida borrowers who meet income, purchase price and other program guidelines, and can otherwise qualify for a loan. Borrowers who qualify for this first mortgage program are automatically qualified for one of Florida Housing’s down payment assistance programs.
  • $10,000 Florida Down Payment Assistance ( can be used for down payment, Buyers mortgage closing costs, or split mortgage insurance premium to lower mortgage insurance cost

Learn more:

2014 Conventional Preferred Plus for Florida First Time Home Buyers

  • First Time Home Buyer or haven’t owned a property for at least 3 years
  • $10,000 Florida Down Payment Assistance ( can be used for down payment, Buyers mortgage closing costs, or split mortgage insurance premium to lower mortgage insurance cost

Learn more:

These Florida Mortgage First Time Home Buyer loans can only be originated and underwritten by Approved Florida Lenders, who are also originating the primary 1st mortgage loan. Per lending guide lines, the 1st Mortgage and the 2nd Mortgage (Grants or 0% interest loans) cannot be separated between 2 Lenders. NO Exceptions.

Call Roger Lazzarino, a licensed Real Estate Broker for details-

Direct phone for Orange, Seminole amp; Lake counties: 407-801-2950

All other Florida counties 305-570-7529.

For the original version on PRWeb visit:

To What Extent Is Student Debt Hurting The Housing Market?

>PRWEB.COM Newswire

Chicago, iL (PRWEB) July 01, 2014

The Federal Savings Bank is finding that amount of student debt in the US is skyrocketing and preventing many potential first-time home buyers from affording a home or at least obtaining a mortgage.

This problem resulting from college loan repayments are well-known. A recent study titled Is Student Loan Debt Discouraging Home Buying Among Young Adults? by researchers Jason Houle of Dartmouth College and Lawrence Berger of the University of Wisconsin at Madison sought to understand the extent to which student debt is discouraging young Americans from seeking to make a new home purchase. Some of these consumers want to avoid taking on a new debt and others believe they are unqualified for a mortgage. These concerns are not only affecting potential homeowners, but they are also worrisome for the housing market, as first-time buyers tend to push sales more than other groups.

The study concluded that rising student debt is not responsible for the shrinking presence of college graduates in the housing market, but it can affect homeownership. Furthermore, this effect is more evident among African Americans.

This suggests that, to the extent that student loan debt is a barrier to home ownership, it is a more significant barrier for black young adults, Houle and Berger said. This is particularly concerning because black young adults already face structural barriers to home ownership compared to their white counterparts.

Other conclusions about student debt and housing

While the study did not find a correlation between the dwindling number of young Americans who are buying a home and student debt, it did point to a key factor holding many college graduates back from their home buying dreams: They dont think they can afford the monthly payments. Although rent prices are climbing faster than homeownership costs and there are many low cost mortgage options, many young consumers dont want to be saddled with a lot of debt.

However, a recent June 19th report from the Brookings Institution titled The Typical Household with Student Loan Debt said that much of the information about how much student loan repayments are putting pressure on college graduates who did buy a home are skewed. It attributed the claims to media sensation that only focuses on the homeowners who are struggling but doesnt acknowledge those who are doing well. Using data from the 2010 Survey of Consumer Finances, the source determined that cases of financial hardship are actually rare.

In a household with some debt, the average student loan burden was $25,700 and the median was $13,000. Among the borrowers tracked in the data, 75 percent owed less than $29,000. With the average annual wage earnings at $71,700, it wasnt likely that most households were suffering financially.

Debt is still growing

Regardless of the reasons behind or complications resulting from the relationships between student debt and home buying among young, college-educated Americans, it is undeniable that each graduating class is taking on more debt than the last. On June 19th, The Wall Street Journal reported in Student Debt Takes a Toll on Some Home Buyers that students who received loans this year will graduate with an average burden of $33,000. Meanwhile, homeownership rates among Americans younger than 35 reached a record low earlier in 2014.

For information about first-time home buyer loans that can help you finance a home while working with your current debts, contact the Federal Savings Bank, a veteran owned bank.

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