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!
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.
I recently attended the Net.Finance Conference, a gathering of financial services marketers from around the world. Much of the discussion was around the web channel and new technologies. Mobile Banking was the 'hot' new technology that seemed to be on everyones mind. And why not. Over 157 million U.S. adults carry cell phones with projections of 191 million by 2012(Javelin Strategy,2008). Many of the larger banks have gotten into mobile delivery, including SMS/Text Alerts, Browser-based mobile sites, or down-loadable applications. With the Generations X and Y having grown up with mobile devices, this seems like a natural fit. But adoption, to this point, has been pretty slow. Based on projections, it appears that this will be taking off in the next couple of years.
We are looking very closely at this service for our bank. We recently introduced an iPhone ATM/Branch Locator application that has close to 600 downloads since March. We think that is a pretty good indicator that our customers are ready for a more full service mobile banking solution. We'd love to hear from you. What do you think about mobile banking? Please share your thoughts. Thanks.