Bob Lowery

Free First Time Home Buyer Workshop - Cecil County - November 8, 2008

September 20, 2008 at 11:00AM

8712 Bel Air Road

Baltimore, MD 21236

Seating is limited, so please RSVP by calling or emailing:

Bob Lowery, Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

· FREE Home Buyer's Guide

· FREE credit analysis

· Special Savings and Coupons just for attending

· 100% Financing Available

I am available seven days a week.

For all your purchase and refinance needs, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com.

Bob Lowery, Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

100% First Time Home Buyer Program - Baltimore County

100% Financing Available!!!

· Maryland Mortgage Program

· 30 and 40 year terms Available

· 3% Seller Contributions Permitted

· Grants for closing costs up to 3% available

I am available seven days a week.

For all your purchase and refinance need, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com.

Bob Lowery, Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

100% First Time Home Buyer Program - Harford County

100% Financing Available!!!

· Maryland Mortgage Program

· 30 and 40 year terms Available

· 3% Seller Contributions Permitted

· Grants for closing costs up to 3% available

I am available seven days a week.

For all your purchase and refinance need, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com.

Bob Lowery, Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

The London Interbank Lending Rate, known as LIBOR, is an index used in ARM loans, including some "Neg Am" or "Option Arms". Another common index is the Treasury Bill. According to Bloomberg.com, 41% of the ARMs in the US are tied to the LIBOR. Almost all subprime ARM loans are tied to the LIBOR

On the heals of the bad news regarding Merrill Lynch, Lehman Bros, and AIG; the LIBOR index had its largest jump in seven years. In US dollars, it jumped from 3.33% to 6.44% in a single day. Most ARMs do not have an initial cap, so if a subprime loan has a 6% margin, that would equal a 12.44%.

Unless this quickly recovers, we have not reached bottom. This will have an affect on our rates and values. With this news, most are forecasting home prices to decrease through 2010. Most felt 2010 was the year even before this news, however, even the positive forecasts are now looking at 2010 too.

My advice to everyone that has an ARM tied to a LIBOR and has equity...REFINANCE NOW!!! For those without equity, I would highly recommend you check into the FHA Secure program. For more information on the FHA Secure loan, check out HUD's site at

http://www.hud.gov/news/release.cfm?content=pr07-123.cfm

For any questions, please feel free to contact Bob Lowery at 410-248-1762 or email me at Bob.Lowery@prosperitymortgage.com

Today, September 14th is the Parkville's 24th Town Center Fair between 10-4PM. It will be located downtown Parkville on Harford Road between Taylor Ave and Dubois Ave. Admission is Free.

It should have a nice turnout with the Ravens game postponed. However, the forecast for today is high in the low 90s with humidity levels between 50-70%. This will make it feel like the upper 90s. Bring lots of water.

Parking will be extremely tough, however, they are offering a free shuttle service from Parkville High School.

Hope to see you there. Look for the Long & Foster and Prosperity Mortgage tent. Free raffles being held for a 3-piece picnic basket and a $50 Lowe's Gift Card.

For all your mortgage needs and questions, please feel free to contact Bob Lowery at 410-248-1762 or email me at bob.lowery@prosperitymortgage.com.