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First Aired - 07/29/2010 04:30PM Download MP3 (Full Episode)
Hosted By
Flash
Sponsored by
Acme
This week on Flash Talks Cash, Flash and Andrew talk all about mortgages, specifically what it means to obtain and pay off a mortgage in the post-collapse world of 2010. Flash advises how you can be ready for the admittedly "tight road" ahead, where bankers are holding onto their mortgages tighter than ever before. Plus Flash and Andrew read the first listener entry into the "Creative Accountant" segment: a story of a small town, urban renewal, and political intrigue. This episode was sponsored by Acme Smoked Fish: a mainstay of NYC's culinary landscape for decades.

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Flash Talks Cash, JoAnn 'Flash' Fleming, Andrew Newman, mortgage process post financial crisis, assuming you are a freelancer, banks are more reluctant to give loans, they are holding everybody to a high standard, what does it take to be a stellar candidate?, somebody who has excellent credit, above 700, you have to pay your bills on time and have a good amount of credit history, you need to have money for a down payment, 20% of the cost, you should start out with a small fixer-upper house, mortgage pre approval?, closing costs on top of the down payment, closing costs are the extra fees you pay at the end of the process, bankers have done a 180, they are holding on tight to their mortgages, be prepared for a tough road, appraisals often come in lower than selling price, appraisers are being conservative, self employed people have to jump through hoops to document income, tax returns are ancient history, banks are throwing teaser rates out there, adjustable rate mortgages are terrible products right now, go with fixed rates right now, interest rates will definitely go up in a few years, stretch out your mortgage over 30 years, you can't pay less on a 15 year mortgage, what are points?, a point is an interest rate, Flash thinks points are terrible, you should save the extra money and pay it out over the 30 years,
Tags:
Andrew needs help buying a house, question about buying frames at wholesale cost and having a federal ID, what are the implications of having a federal ID?, do you need to start a business to buy things wholesale?, Creative Accountant, financial stories, last weeks words: visionary. small town politician. box of matches, Stanley Palmer, sent in a story, urban renewal, tax evasion, pay all your taxes!, next week: keeper of family tradition. writer of romance novels. help is not offered, submit a story next week!, include a financial compenent in the story, Ray Scro, this show is for anybody!, email us a question at info@heritageradionetwork, next week will be about how to price yourself, what happens when you come across a deadbeat?, collecting money from non paying customers,

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