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The Uconn woman’s basketball team met with President Obama after going undefeated for the season and winning the College National Championship. They shot hoops with the President and even played a game of P.I.G. and Obama won. He has a pretty good shot I wonder if he can dunk?
This really has nothing to do with finance or the economy and LoanClassroom is a financial site in nature however it was intriguing to see the Pres shoot it up and thought I would share with all of you. My parents are die hard Uconn Woman’s basketball fans so I am sure they will get a kick out of this. Watch the video:
Other than Washington Mutual that failed and had state branches and ties or the other bank mergers that took place this year this was kind of alarming to find. It is not just the large banks that are at risk it is the small Credit Unions and the local mom and pop type institutions as well. If nothing else it shows us no matter where we park our money you need to always be cautious. Here is the press release from NCUA.
West Hartford Credit Union ClosesConnecticut Department of Banking Appoints NCUA Liquidating Agent; Member Funds Are InsuredDecember 5, 2008, Alexandria, Va.– The National Credit Union Administration (NCUA) today accepted appointment as receiver/liquidator of West Hartford Credit Union, Inc., in Farmington Connecticut, following the State of Connecticut Department of Banking decision to close the credit union. The Connecticut Department of Banking assumed control of West Hartford Credit Union, Inc. operations and appointed NCUA receiver after determining the credit union was experiencing problems with its capital level, earnings, delinquency, record keeping, and management. At the time of liquidation, the credit union had $2.9 million in assets and served 1,206 members. The credit union began operations in 1950 and served Litchfield, Hartford, Middlesex, and New Haven Counties in Connecticut. This is the 14th federally insured credit union liquidated in 2008. The NCUA Asset Management and Assistance Center will issue checks to members holding verified share accounts in the credit union within one week. The NCUA National Credit Union Share Insurance Fund insures credit union member deposits to at least $250,000 on regular accounts and $250,000 on certain retirement accounts. The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. |
-NCUA-
Shopping for mortgage rates in CT is as simple as a click away www.EversleyCapital.com
There have been numerous ARM programs that have been offered by lenders. And as we muddle through the current mortgage mess we are back to basically a handful of different options and not the numerous amount that once were available.
Some people are often very uncomfortable with the thought of choosing an ARM product for their mortgage. But sometimes it makes sense for that borrower. An example would be if you plan on living somewhere temporarily. Maybe due to your job you are often re located. A short term arm may allow you a lower interest rate while you own your home. Another example is if the home is an investment that you will fixing up and selling. Again a shorter term mortgage would be a good possibility for that person.
ARM’s are exactly what they sound like, adjustable rate mortgages. The most common are a 3,5 or 7 year ARM. What that means is for example a 3 year arm is a mortgage where the rate is fixed for the first three years and then it becomes adjustable. A 5 year ARM is fixed for the first five years and then becomes adjustable, and so on and so forth. The ARM’s are tied to an index, typically the LIBOR index (London interbank offering rate) . The ARM’s also have what is called a margin, typically of 2 and in the adjustment period usually adjust once a year. Some programs are twice a year. Like I said there a handful of different options. For example if the “index” (LIBOR) is currently 3.00% and you have a 2.00% margin over the index your interest rate would adjust to 5.00%. Depending on what your starting interest rate is there are “caps” or a maximum amount the interest rate can increase when it comes time for adjustment. Typically the caps are 2% per adjustment and 5% for the life of the loan. So, if you started with a 4.00% interest rate no matter how high the rates go…the first interest rate adjustment could not go higher than 6.00% and over the life of the loan your rate could never be higher than 9.00%. It makes sense to always pay close attention to all of the terms of your loan and don’t sign anything until you are comfortable that you understand how your interest rate can adjust.
Applying for and shopping mortgage rates is a click away www.EversleyCapital.com
Call us today for Connecticut’s lowest arm rates 203-838-6760
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