November 21, 2001

Welcome to 0nly4Homebuyers Issue 38.

Dear Readers,
I apologize for the lateness of this issue. I have
been a bit "under the weather" these last few days.
Hope you all have a wonderful holiday. Don't eat too
much Turkey!
Cindy
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In this Issue:

NewsFlash! Rates at All Time Low
Reverse Mortgages
Snowman Wall Hanging
Free Software Offer

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Mortgage Rates Near An All-Time Record Low!

According to Freddie Mac's most recent Primary
Mortgage Market Survey, 30 year fixed mortgage
rates averaged only 6.56% with an average of 0.9
points.The weekly average above is for the week
ending November 2, 2001. This extremely low mortgage
rate average is very close to the lowest average ever
recorded by Freddie Mac which occurred in Oct.1998
when the weekly average was 6.49% for the week
ending October 9.

With mortgage rates near record lows, homeowners
interested in refinancing their mortgages are
advised not to wait for further market changes
but to lock in their mortgage rate to assure
that they are securing a historically excellent
mortgage rate.

Compare from the best financial products and services.
Get real-time rates and terms from America’s leading
providers. Apply securely right online. It’s easy,
fast, and can save you money!

http://creativemortgageco.financialcircuit.com/

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Reverse Mortgages

If you are short on cash and big on home equity,
a reverse mortgage could be beneficial. A reverse
mortgage converts the equity in your home into cash.
It works the opposite way a regular mortgage does,
instead of you paying the lender each month, the
lender sends you payments based on your loan, either
in a lump sum, monthly, or as a line-of-credit.

There are three types of Reverse mortgages, insured,
uninsured, and FHA, and there are fixed and adjustable
interest rates. You may also have to pay origination
fees, closing costs, and insurance premiums. Most
service charges can be financed into the loan, which
of course increases the overall costs of the loan.

The loan is paid back when you sell your home, die,
or reach the end of the loan term. If you die, your
heirs must repay the loan either by refinancing
into a forward mortgage, or by selling the home.
Since the loan uses your equity, there may be little
left for your family, so this should be considered.

There are some advantages to using a reversed
mortgage as income. The loan advances are
nontaxable so they don't affect Social Security
or Medicare benefits. If you receive Supplemental
Security Income they don't affect your benefits
as long as you spend them within the month you
receive them, and it's usually the same for
Medicaid (check with local authorities). The
interest on the loan isn't tax deductible
until you repay some or all of the loan off.


Copyright 2001 MomsBudget.com - Providing
financial resources for women who happen to
be mothers. Sign up for our newsletter
mailto:momsbudget-subscribe@...

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WORK AT HOME OPPORTUNITY.Marketing Reps needed!!
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Snowman Wall Hanging--Craft

Would you like to learn how to make a
Snowman Wall Hanging? This cheerful
snowman will greet visitors as they
come in the door. Hang him on the door,
in the entryway, above your kitchen counter,
wherever his cheerful face fits best!

Just click on this link.
Amanda Formaro of The Family Corner offers
this and other great rafts on her site.
Check out the photo of this little guy!
Instructions included as well. Enjoy!

http://www.thefamilycorner.com/homegarden/crafts/wall_snowman.shtml


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Please feel free to share this newsletter with your
friends. If you have a suggestion for an article,
please email me directlyand tell me what you would
like to see! mailto:cmc@...
If you would like to read more articles about
buying or selling a home,please visit our website
http://www.creativemortgageco.com/

Til next time. Have a great month.
Cindy

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