How the rate cut will affect you

How the rate cut will affect you

There are 6 comments on the Newsday story from Jan 30, 2008, titled How the rate cut will affect you. In it, Newsday reports that:

With the Federal Reserve Board's second rate cut in two weeks, many borrowers will feel relief or be able to seize short-term opportunities.

Join the discussion below, or Read more at Newsday.

Blimp66

North Hollywood, CA

#1 Jan 31, 2008
I think this housing bubble video says it all:
Edward Olssen

Bronx, NY

#2 Jan 31, 2008
Dear Ms. Yan,

I believe you need to clarify what you stated as far as the typical closing costs for a $500,000 mortgage. You said that it's "about $4,000 to $5,000".

You are leading homeowners to believe that this is for all of the closing costs. Your number reflects only about 1%(which may be 'Bank Charges'). There are many other fees included that are not limited to but include; Tax,Title,Attorney Fees,etc. which must also be taken into consideration.

Please do not mislead the homeowner into believing that they would only be paying 1% in total closing costs.

Edward Olssen
Mortgage Planning Specialist
Sad day

AOL

#3 Jan 31, 2008
The big rate cuts will do to things. It will by lowering interest on savings hurt the baby boomers who are trying to save for retirement. Every study shows that they are not prepared for long life on a fixed income. The day will come when massive government assistance (welfare) is needed because millions of 80 year olds are flat broke. Number two, if the low rates fuel inflation, it's back to the 70's but this time the fed will not have the tools to fight it. What can they do, raise the prime to 10%?.
JESS

Vienna, VA

#4 Jan 31, 2008
SO, I AM CONFUSED I HAVE A ARM AND THE RATES HAD BEEN STEADILY RISING AND I WASN'T IN A POSITION TO REFINANCE DUE TO THE TOTAL RENOVATION TAKING PLACE TO MY HOME AFTER A FIRE. I JUST REC'D A NOTICE THAT MY RATE WILL AGAIN BE CHANGING BUT IT DIDN'T SAY EXACTLY WHEN OR WHAT THE RATE WOULD BE. SHOUDL I EXPECT THE RATE TO DROP RATHER THAN GO UP (AS IT HAS IN THE PAST)???
Rose

Massapequa Park, NY

#5 Jan 31, 2008
I hate when they do this. It's not fair. They rob Peter (us savers) to pay Paul (the borrowers). How is it progress to rob from one group to give to another?
Lavinie

London, UK

#6 Mar 26, 2014
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

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