Mortgage & Market Update

Mortgage rates are higher on average after today’s monetary policy announcement from the Federal Reserve. Some lenders adjusted rates higher in the afternoon while others remain on their first rate sheet of the day. That has made for a bit of stratification in rate offerings between lenders and depending where one looks, rates might not be much different from yesterday (and in rarer cases are in better territory). Best-Execution remains split between 3.25% and 3.375%.20121212-165102.jpg

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Live From The Hurdie Burk Radio Network

Yesterday I had the pleasure to be on the Hurdie Burk Radio Network. In the last seven years in mortgage lending that was probably one of the coolest things I have done. You would think that talking about finance and mortgage lending for an hour would be boring but Hurdie kept it very entertaining.

Needless to say, I am very impressed and if you didn’t get a chance to listen HERE is a copy of the recording.

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Phase One: IRA Conversion Strategy

In the last post we talked about how everything we have been taught regarding the residential finance process isn’t working. Over the next five weeks we will be talking about the 5 Phases to achieve Financial Success.

Phase One
The IRS and Congress have eliminated the limits on how much you can earn and how much you can have in retirement accounts before you can convert.

Little does anyone know, you can convert any amount of money to a ROTH IRA.
The reasoning behind this idea is to convert the money now. Pay taxes on it now. Let the account increase in value and withdraw the money later on without having to pay taxes on it.

What is a Roth IRA?

If you are not familiar with a Roth IRA, it is a retirement account where you invest after-tax dollars, and withdraw the funds tax-free. In other words, you invest your money in the retirement account after you have paid taxes on it. Being that you paid taxes on the money before you invested it, you do not have to pay taxes when you withdraw the funds from the Roth IRA.

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