Mortgage Loan You Take With You When Buying A Home

Added June 24, 2003 by Ilyce R. Glink

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Summary: What if you could take your mortgage loan with you each time you bought a different house? In 2003, E-Trade offered a portable mortgage loan - a fixed rate loan for mortgage borrowers who have good credit. Learn how a portable mortgage loan works when you're buying a home.

WGN-TV Show Notes -- June 24, 2003

ANCHOR: SEVERAL WEEKS AGO, E-TRADE ANNOUNCED IT WOULD BEGIN OFFERING PORTABLE MORTGAGES - HOME LOANS THAT WOULD FOLLOW YOU FROM HOUSE TO HOUSE.

ANCHOR: WHILE IT SOUNDS REVOLUTIONARY, IT'S ACTUALLY AN IDEA THAT'S BEEN AROUND FOR AWHILE. WGN'S MONEY SAVING EXPERT ILYCE GLINK IS HERE TO EXPLAIN THE INS AND OUTS OF THIS NEW PRODUCT, AS WELL AS UPDATE US ON OTHER MONEY NEWS.

ILYCE: GOOD MORNING, LARRY AND ROSEANNE. IT'S FUNNY HOW THINGS GO AROUND. WHEN I FIRST STARTED WRITING ABOUT REAL ESTATE 15 YEARS AGO, PORTABLE LOANS WERE BEING DISCUSSED. THEY STILL ARE. SEVERAL LARGE COMMERCIAL BANKS ARE LOOKING FOR WAYS TO RETAIN CUSTOMERS AND BELIEVE THE BEST WAY MAY BE TO NOT LET THEM GO TO BEGIN WITH.

GRAPHIC E-TRADE'S "MORTGAGE ON THE MOVE" * ONLY FOR HOME BUYERS * ONE-TIME TRANSFER LOAN TO NEW HOME * SAME RATE IF NEED MORE CASH * NO SECOND/VACATION HOMES * OWNER-OCCUPIED * 30-YEAR FIXED ONLY * EXCELLENT CREDIT

ILYCE: E-TRADE'S MORTGAGE ON THE MOVE IS ONLY FOR HOME BUYERS - HOMEOWNERS LOOKING TO REFINANCE NEED NOT APPLY - BUT CAN ONLY TRANSFER THE LOAN ONCE TO THE NEXT HOME YOU BUY. IF THE NEW HOME IS MORE EXPENSIVE, YOU'LL GET TO BORROW MORE CASH AT THE SAME RATE AS YOUR LOAN TODAY. BUT YOU CAN'T FINANCE SECOND OR VACATION HOMES. IT'S ONLY FOR OWNER-OCCUPIED RESIDENCES. THE ONLY LOAN TYPE AVAILABLE IS THE 30-YEAR FIXED-RATE MORTGAGE AND YOU NEED TO HAVE EXCELLENT CREDIT.

ILYCE: WHAT'S NOT TO LIKE? THE ONLY PROBLEM I CAN FIND WITH THE PROGRAM, AND I HAVEN'T ACTUALLY GONE THROUGH THE PROCESS OF APPLYING FOR IT, IS THAT YOUR INTEREST RATE ON THE PORTABLE LOAN WILL BE SLIGHTLY HIGHER THAN WHAT EVERYONE ELSE WITH GREAT CREDIT IS GETTING. FOR MORE INFORMATION, CHECK OUT

"MORTGAGE ON THE MOVE" ETRADE.COM

ILYCE: ETRADE.COM. IN OTHER MONEY NEWS

POSSIBLE VIDEO - WHITE HOUSE/CONGRESS

ILYCE: AT THE END OF LAST WEEK, THE REPUBLICAN-LED HOUSE OF REPRESENTATIVES VOTED TO REPEAL ESTATE TAXES FOREVER. THAT'S A BIG CHANGE FROM THE WAY THE LAW IS CURRENTLY WRITTEN. UNDER CURRENT LAW ESTATE TAXES

"2003 PASS $1 MILLION TAX FREE "INCREASES EACH YEAR "IN 2010, ALL ESTATE CAN PASS TAX FREE "IN 2011, PASS $1 MILLION TAX FREE

ILYCE: IF YOU DIE THIS YEAR, YOU CAN LEAVE $1 MILLION TO YOUR HEIRS TAX FREE. THE AMOUNT YOU CAN PASS DOWN EACH YEAR GROWS UNDER THE CURRENT LAWS UNTIL 2010, WHEN YOU CAN PASS DOWN AN ESTATE OF ANY SIZE TAX FREE. HOWEVER, THE LAW AS IT IS CURRENTLY WRITTEN SUNSETS OR ENDS IN 2011, AND IT REVERTS BACK TO ALLOWING ESTATES OF $1 MILLION OR LESS TO PASS DOWN ESTATE TAX FREE. THE ESTATE TAX FREE FOREVER LAW NOW GOES TO THE SENATE, WHERE IT LOOKS AS THOUGH THERE MAY BE A FIGHT. BUT IF THE LAW PASSES THE SENATE, PRESIDENT BUSH HAS SAID HE WILL SIGN IT.

ILYCE: NOW, FOR MY MONEY-SAVING TIP THIS WEEK, I THOUGHT IT WOULD BE NICE TO HAVE SOMETHING TO DO WITH YOUR CHILDREN AT THE START OF THE SUMMER VACATION. TAKE YOUR CHILDREN DOWN TO A LOCAL BANK AND OPEN UP A SAVINGS ACCOUNT IN THEIR NAME. MANY OF THE BIG BANKS HAVE SPECIAL PROGRAMS THAT OFFER EVERYTHING FROM KID-FRIENDLY BROCHURES TO T-SHIRTS TO COUPONS FOR FREE ICE CREAM. SO COMPARE DIFFERENT PROGRAMS, CHOOSE THE ONE THAT LOOKS BEST IN YOUR NEIGHBORHOOD, AND BRING YOUR CHILD BACK EVERY FEW WEEKS TO MAKE A DEPOSIT. SAVING MONEY IS SOMETHING YOU AND YOUR CHILDREN SHOULD DO TOGETHER. TUNE IN NEXT WEEK FOR ANOTHER ONE OF MY MONEY-SAVING TIPS OR VISIT

June 24, 2003.

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