FTC on Consumer Credit

by Wade Barnes 29. May 2009

A friend sent me a link to an article by the Federal Trade Commission (FTC) on Consumer Credit. There is a lot of useful information about credit reports and scores, how to improve a credit score, how to deal with creditors and collectors, how to protect yourself from identity theft and more.

As always, feel free to drop a line (wbarnes@1stmarinerbank.com) if you have any questions.

Preakness- A May Tradition

by Kevin Lynch 14. May 2009

Ok, I admit it. I am one of those rare people who actually likes horse racing. And it doesn''t get any better than this weekend. We have the Black-Eyed Susan running tomorrow and then the 134th running of thePreakness, the second leg of the Triple Crown, on Saturday. Some of the best horses, trainers, and jockeys in the world will descend on Baltimore for these two days.

And who could ask for more drama than this year? You have the winner of the Derby(Mine That Bird), the 50-1 longshot winner, losing his rider to a filly (Rachel Alexandra), now the morning line favorite to win the race. Plus, all the concern about the Preakness's long term future in Baltimore after the bankruptcy filing of Magna Entertainment, the owner of the racetrack.

With that perspective, it is more important than ever to support this event. Even for the casual fan, it is two days of fun and excitement when the world is focused squarely on Charm City. So come on out, enjoy the fun and show your support for this long time, Baltimore tradition. I think you'll be glad you did!

Refinancing?

by Wade Barnes 6. May 2009

Are you planning to refinance your current mortgage to take advantage of low mortgage rates but have a Home Equity Loan or Line of Credit you don't want to lose?

It is a common misconception that you must close your Home Equity Loan or Line of Credit in order to refinance your current mortgage. While some loan programs may require Home Equity Loans or Lines of Credit (subordinate liens) to be closed, others programs may be willing to allow borrowers to keep these open pending the existing lender's approval.

By default, when a first (or primary) mortgage closes, the subordinate lien (a Home Equity Loan or Line of Credit) will move into the first position. As most primary mortgages are for a higher dollar amount, the loan programs require that they acquire the first position. To enable this to happen when you refinance your primary mortgage, the new lender must request that Home Equity Loan or Line of Credit will subordinate to their new lien.

Okay, enough of the technical talk. If you find yourself in the position where you plan to refinance your mortgage and want to keep your Home Equity Loan or Line of Credit open, ask your Loan Officer to request a Subordination Agreement. You may be able to take advantage of a new low rate on your mortgage while keeping your Home Equity Loan or Line open, which often times avoids repayment of closing cost fees.

As always, feel free to be in touch if you have any questions.

Wade wbarnes@1stmarinerbank.com



© 2008- 1st Mariner Bank