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Some Myths and Truths About Home Loans
Guest Columnist: Tom Howes
jhowes@homeloanminnesota.com

HomeLoanMinnesota.com

Myth #1:
Interest-Only Payment options are a predatory tactic of some shady lenders.
It is true that interest-only payments can create some problems for people who get them as their only way of buying the house. Because, after the interest-only period is over, the borrower may have trouble making the new higher payment.

However, interest-only payments can be a very useful option for some people, especially if they only plan to own the home for a few years. If your company transfers you frequently, and the home will be for sale again in a few years, it could be a perfect option for you.

Myth #2:
Don't Trust Brokers, They charge you on the back end of the loan.
I've heard people say that, and it is worth much clarifying. Mortgage Brokers are dealing with wholesale rates and when they set the rates above wholesale they receive a premium from the lender. That is what people mean when they say a broker is charging money on the back. If you go into a bank or national direct mortgage lender, they charge retail rates. If a broker charged you those same rates, they would earn a large back-end commission from the lender. But, that is rarely the case.

Brokers, for the most part, will almost always beat retail rates. Most of the time, if you're an A-Credit, fully documented borrower, the broker will give you the "par" or wholesale rate.

This isn't always the case, so it is important you find a broker you can trust. If you ask how your rate is being set in relation to the "par" or wholesale rate, he may feel obligated to set your rate at a more competitive rate.

Myth #3:
Adjustable-Rate Mortgages are a sucker's loan.
The fact is, Adjustable-Rate Mortgages (ARM) can be the best fit for certain borrowers. Historically, the interest-rates on the initial period of ARMs has been lower than that of Fixed mortgages. For buyers who only plan to live in the house for a few years, they can often save thousands of dollars with an adjustable rate loan.

If you decide to go adjustable, get one with a initial fixed-period longer than you'll ever plan on living in the house. If you think you might stay longer, ask your loan officer if the ARM has a low "profit margin". That will give you a measure of how drastic an adjustment the ARM might make.

If you have questions, call me at 763-482-4848 or email jhowes@homeloanminnesota.com.

Do you have a product or website you'd like to promote? Would you like to write a column for us? Email or call us at 763-389-9399.

The U.S. Air Force is planning to sell some F-22A's to our allies. Allies today, enemies tomorrow?

Learn ''Mob Speak'' and talk like the Sopranos. Click here.

Doctors said women who used the new nasal spray in test studies felt a tingling or throbbing followed by a strong desire to have sex immediately after spraying their noses.

Binge-drinking is not a new problem. With ale costing just a penny a gallon, 12th century Londoners drank morning, noon, and night, and there was a pub for every 50 people.

Click to see a list of 129 ways famous people die.

Lonely Georgia woman buys a mannequin that looks like her sailor husband at sea, and takes it everywhere, including restaurants and shopping. Get the net.

During the �20s and �30s, when there were a lot of Mafia murders, the Mob would put a murder victim below a regular funeral home customer, and the body would disappear forever.

Darienne is 18, drives a new VW convertible, spends hundreds a month on clothes. Brother Jesse also drives a new car and spends similar amounts. Neither work. Mom and Dad brown bag, but the kids go out for lunch.

Thousands of pieces of space junk are orbiting the Earth, and it will only get worse.

If an 18 year old car is good enough for the 4th richest man in the world, why is your neighbor driving a $50,000 SUV?

Impersonating Michael Jackson can be a lot of fun.

Victor Willis, the former Village People Cop, arrested on drug charges. Now staying at the YMCA.

Lower your car payment with a new loan from Rate Genius.

Forbes Magazine says Duct Tape is the greatest tool ever.

Arthur Winston worked for the New York Metro Transit for 76 years, and never took a sick day. He just turned 100.

When the movie ''Office Space'' came out in 1999, Swingline didn't make a red stapler. But, because of the popularity of the movie, and thousands of requests, they started to.

The Vernal Equinox occurs when the sun passes directly over the equator, heading North. Click here for more.

Why did daylight saving time start, and why does it still continue? Click Here to find out.

	Wearin' of the Green
Happy St. Patrick's Day!

The Edward R. Murrow School of Communication is at Washington State University, Pullman, Washington.

After 38 years on ''60 Minutes'', Mike Wallace is retiring at age 88.

Laurie Dover, an artist with FlightJacket.com traveled to Japan for a special painting assignment. Click for more.

Every 7 years, the Catholic Church has to say it is ''OK'' to eat Corned Beef and Cabbage on St. Patrick's Day.

Paying a larger than normal payment on your credit card may get the attention of Homeland Security.

After hearing what ''song'' won the 2006 Academy Award, Bing Crosby is spinning in his grave.

News Anchors nervously reported Michael Brown's quote about cutting thru the red tape, by using an old aviation term. They thought he was being crude.

Hats fell out of favor in the early 1960's. President Kennedy did not like hats, and it suddenly became unfashionable to wear one. Time to bring them back!

When they use your middle name, you know you're in trouble. Graham Kendall is well-known in the aviation business for his colorful past, including smuggling drugs from South America with long-range aircraft.

President Bush will have to avoid thousands of protestors when he arrives in India. The signs, as usual, are in English for the benefit of U.S. television audiences.

Many think the story about Bill Cosby telling black youth to shape-up is an ''urban legend''. But, the story is true. Cosby did tell black youth to stop blaming white people.

Is your online business a real business?

Timothy Treadwell was an unusual individual, and a self-proclaimed bear expert, right up until he was killed and eaten. The film ''Grizzly Man'' is well worth watching.

Paris Hilton believed in Santa until ''a bad person'' told her otherwise when she was 17. Money isn't everything, is it?

The ad is offering a great deal on men's underwear, including packages of white ''wife-beater'' undershirts.

Now is your chance to sound-off. What do you think about having an Arab-owned company control our U.S. ports?

Enter your Zip Code and find out what radio stations can be heard in your area.

Daughter-in-law of John Jacob Astor IV, who died on the Titanic, Brooke Astor married into incredible wealth, and has given away hundreds of millions of dollars in her lifetime.

Radio Shack's earnings are in the dumper.

In 1804, Vice President Aaron Burr shot and killed a man in a duel. Who did he shoot? Click to find out.

Eight Japanese businessmen convinced to buy rare $1 million U.S. bills. A fool and his money are soon parted.

Married in 1946, they saved their hotel receipt for their $7 honeymoon room. Returning 60 years later, the hotel charges them the same $7 for the room.

''Dead-Eye'' Dick Cheney accidently shoots his hunting partner on a Texas ranch.

Thinking they had an extra $8 million in tax revenues, Valpariso, Indiana went out and spent the money. Dumb decision. A $140,000 home was valued at $400 million.

An enterprising Gaza merchant stocked-up on Danish flags when he first heard of the problem developing. Needing Danish flags to burn, the Muslims had to buy them!

Iowa man has a strange idea of married life. Click for story.

Demonstrators in London upset over cartoons of Mohammad in a Danish newspaper.

Get out your violin. Larry Ellison is one of the richest men in America. But, according to his accountant, he is having trouble making it on his $1 million a day income.

It was a heck of a story, the pilot ditches his plane at sea and surfs to safety. The name is Bond, James Bond.

Zillow.com combines satellite mapping and real estate databases to tell you what any property is worth.

Thomas DeLeon, a parole officer in Michigan, was fired for surfing porn 4 hours a day at work. Not only did he get his job back, he also got a raise and $45,000 in back pay.

The execution of Clarence Hill was stopped at the last moment, because a judge felt that lethal injection was ''cruel and unusual punishment''.

Dr. Michael Osterholm, an infectious disease expert from the University of Minnesota, says the Bird Flu is coming to America, and we need to prepare for it.

Ken Maynard, and his horse Tarzan, entertained millions of kids at Saturday matinees during the 30's and 40's.

Hoot Gibson was a champion rodeo cowboy and a movie star from before 1920 until 1959, earning over $6 million during his career. He died broke, of cancer, at age 70.

If you need a remote control for your camping lantern, you'd better stay at the Holiday Inn. Click to see it.

About to get your 15 minutes of fame? Call us first!

The Winchester plant in Connecticut is closing forever.

The Justice Dept. wants Google to turn over search records, to find out if you've been looking at any pornography. Google refuses to comply.

Hackers bring down milliondollarhomepage.com after creator refuses to pay them $50,000.

The AeroTherm ad in the current issue of ''The Controller'' features this interesting photo. Look like anyone?

An online casino bought William Shatner's kidney stone for $25,000. The money went to Habitat For Humanity.

Being self-employed, I know we all have this problem. What to do when your business is an ''overnight success''?

Politics are never dull in Minnesota. We've got a Vampire running for Governor this year.

And you think you've made some dumb decisions. Not wanting to be ''type-cast'', unknown actor George Lazenby quit his James Bond role after only one film in 1969. He had a seven film contract.

Land originally needed for an animal shelter was taken by eminent domain from a furniture maker. Plans have changed, so L.A. Councilman Bernard Parks wants land sold to a competing furniture maker, who also happens to make a lot of campaign contributions.

This, of course, is a gag, but someone I know should remember to never poke fun at a guy who has over 1,000 visitors a day on his website. Click to learn more.

We are in real trouble, when we have to send the soldiers guarding the grave of John Paul Jones to Iraq.

December 7th, 1941, a day that will live in infamy.

Claiming privacy laws, Sprint refuses to tell cops where a stolen car with a baby is, even though the gps cell phone is telling them the exact location.

The heck with the Arabs. Canada may have more oil.

With all other problems solved, Congress passed a law prohibiting annoying email and blog postings. Definition of what is ''annoying'' subject to broad interpretation.

New studies show that cough syrup isn't effective, and may be harmful to children.

The 8th grade graduation exam in 1895 was tough!

Pat Robertson sticks his foot in his mouth. Again.

Pat Robertson says Israeli Minister Ariel Sharon's stroke was punishment for ''dividing God's land''.

''I did not have sex with that woman, Monica Lewinsky.'' Oh, I mean, ''We're not mining or trolling through the personal lives of millions of innocent Americans''.

An Oregon man plans to fly his Beech 18 around the world.

Having problems at home, or on the job? Don't know what car to buy, or who to marry? Losing a bundle in the market? Your spouse works late every night getting ready for Y2K? Drinking more, enjoying it less? Got a rash that won't go away? Having an affair with a midget? Your lover yells the wrong name during sex? Your husband sells your panties on eBay as SUV spare tire covers? Hey, don't waste money on professional help, for $5 bucks you can talk to Carol.

I paid my $5 bucks. Believe me, it was worth it.

	1944 Grumman Hellcat

$18.50 Learn More including delivery

The first rule of the ''Mile High Club'' is don't get caught.

Track any commercial or private flight plan, and see the activity at any airport. Click here to try it.

A drunk and rowdy passenger on Monarch Airlines was thrown off the plane on an island 1,000 miles from home.

Michigan man gets stuck in the mud, and has an idea how to get free. What happened next? Click to find out.

Hidalgo is an action-packed movie about an American cowboy winning an Arabian horse race. Did it really happen? Click to learn about the real Frank Hopkins.

Dead pool is a game of prediction where you guess when someone, usually a celebrity or world leader, will die. Killing someone on your list is considered cheating, so play fair.

Vincent Schiavelli dead at 57 from lung cancer.

Need a New Year's Resolution? Roderick Evans should be an inspiration to us all, having the will to lose 250 pounds so he could join the army. You are my new hero, Roderick.

I just can't make this stuff up fast enough. Now, who is goofier, the woman in New Mexico, or the judge that signed the retraining order against David Letterman?

Before television, Americans went to the movies 3 or more times a week, and bought a lot of records. And, Bing Crosby was a big star. Click for more.

Winter Solstice is the shortest day of the year. Click for more.

Millions are living and working near Mt. Rainier in Washington, and many don't know it is an active volcano.

Time magazine names Bill and Melinda Gates, and Bono, as ''Persons of the Year''.

''West Wing'' star John Spencer dies of a heart attack at 58. Click here for more.

Remember the radio shows of your youth? You actually had to use your imagination. Click here to go back in time.

I worked in banking for 35 years. When you make a deposit, the bank's owner starts trying to figure out how much of it he can screw you out of. Don't get me started.

Those that don't suffer from depression have no idea how terrible it is. Click here to learn more.

Two Navy Reserve jets had a close call with a Southwest 737 recently, an error on the part of the traffic controller.

Think you're good at addition? Try this game.

The British Museum presents ''Ancient Egypt''.

You can be an Air Show Pilot, or a Top Gun Fighter Pilot, and you don't even need a pilot's license. Click for more.

Richard Pryor died of a heart attack at age 65.

Scottish Craig Ferguson has to be the funniest man on televison. Check him out after David Letterman on CBS.

Remember the movie ''Take The Money And Run''? Teller reading note: ''I have a gub?'' Woody Allen: ''That's GUN, I have a GUN.'' Teller: ''It looks like gub, I have a gub''.

The perfect gift for that hard-to-buy-for person.

Walter Cronkite says it is time to get out of Iraq.

If you thought your divorce was expensive, see what it costs the big boys, by clicking here.

A woman in Minnesota was walking across the parking lot with her car keys, handing them over to someone else who was going to drive her home, and was arrested!

Dropping an entire roll of Mentos mints into a 2 liter bottle of soda has explosive results. Click here for more.

If you've ever wanted to make your own beer, click here.

Yellowstone Park is something to see in the winter. The hot pools and geysers, including Old Faithful, fill the air with steam and excitement. Click here to learn more.

You are being watched. Think about it, could you get through the entire day without leaving a trail of what you did, when you did it, and where?

25 rules that you definitely need to know.

The army is having trouble recruiting new soldiers, so they'll pay retired veterans a bonus to come back, skip boot camp, and start at their old rank.

Top Gun School graduate Randy Cunningham resigned from the House of Representatives, after admitting to accepting bribes from federal contractors. Click for story.

Cunningham's War Record

Lost airline luggage without identifying tags or something inside to help locate the owner, is bought by a Scottsboro, Alabama compay and sold to the public.

If your company advertised a product the way they promote the Powerball, somebody'd be going to jail.

Do a Google search and you'll find several websites that will sell you anyone's cell phone records, no questions asked, and you'll have them in an hour.

Cooking tips to make your holiday turkey come out right.

There are some pretty strange folks out there. This Colorado child pornographer is a very sick man.

November 22, 1963

Never permit a voluntary search of your vehicle. The cop will say ''if you don't have anything to hide, why object to a search?'' Click to learn why you should say ''no''.

Some people go a little overboard when decorating the house for Christmas. Click here to see a real award-winner.

Several stations and networks refuse to show the new commercial created for bluefly.com - Click to see it.

Pro fisherman Paul Tormanen had some lunker bass tethered to a stump, ready for the Red River Bassmaster Central Open. He was arrested and banned for life.

The president of Portland, Oregon's Goodwill stores paid himself $830,000 last year, while mentally and physically challenged employees earned minimum wage, and others worked as volunteers. And, the merchandise is all donated.

Got an upset cat?

Maybe it's the litter box. Learn more about doing it right by clicking here.

Many college presidents make over $1 million a year.

The salary of an ex-president is good, but the expense account is even better. Click here to learn more.

According to a CBS poll, President Bush has an approval rating of only 35%. And, Dick Cheney is down to 19%.

Stalin ruled the Soviet Union with an iron grip for 30 years. He killed more Russians during WWII than Adolph Hitler did.

To promote Coca Cola sales, Wendy's is giving away free AirTran tickets. Click here to learn more.

Dr. Phil discloses that Natalee Hollolway may still be alive, and serving as a sex slave. He has no connection with the case, and his remarks greatly upset Natalee's mother.

Attack and destroy your competitor's website. Just type in the URL and select your method of attack, everything from nukes to some rather disgusting stuff. Click here to try it.

With rates of $5,000 a week or so, the pirates picked a good ship to attack. Check the luxury accomodations by clicking on the Seabourn website link.

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