Mortgage interest rates hit record low again. Homeowners, have you refinanced your mortgage loan? And Alan Abelson of Barron’s shows us the real effects of the fiscal cliff on taxes taxes and American families. And usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show on November 18, 2012 at 12:00pm Eastern Time on WSB Radio.

There are three important things I want to talk about today on this pre-Thanksgiving show.

1. Mortgage interest rates hit record low again.

30-year fixed rate loans have sunk to a 60-year low – 3.34 percent. I can’t even believe I’m saying this. When I started this show about 12 years ago, the rate was around seven percent – more than double where we are today. The 15-year rate is clocking in at 2.65 percent, another all-time low. Homeowners who have not applied to refinance their mortgage loan be warned: time is running out, especially for FHA loans.

2. IndependentForeclosureReview.com

This government program expires on December 31. If you’ve been foreclosed upon and you think it was handled wrongly or you were not given a chance to modify the terms of your mortgage loan, visit this site. For many homeowners, this is the place to appeal while you still can.

3. The fiscal cliff

We’re now just six weeks away from the economic crisis the nation is still hoping to avert – if Washington can get its act together. I found a really helpful chart in recent days published by one of my favorite writers, Alan Abelson of Barron’s.The chart demonstrates the real effects of the fiscal cliff on families.

  • The end of the Bush-era tax cuts and the raising of taxes.
  • The end of the FICA reduction.
  • Cuts in spending that could equate to a loss of one million American jobs by January 15.

The dimensions of the possible financial pain if something is not done are simply inescapable.

You can get more personal finance advice, real estate advice and consumer advice by listening to this radio show and by listening to my other radio shows.  Simply download them to your phone or audio player. You can also read our articles on real estate, credit, and consumer advice articles as well.

igs-11-18-12

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